REPORT 


INVESTIGATING  COMMITTEE 


OF  THE 

CONCORD  RAILROAD, 


TO  THE 

STOCKHOLDERS, 


DECEMBER,  185T. 


CONCORD: 

STEAM  PRINTING  WORKS  OF  McFARLAND  & JENKS, 

PHENIX  BLOCK,  MAIN  STREET. 

1857. 


Digitized  by  the  Internet  Archive 
in  2016 


https://archive.org/details/reportofinvestigOOconc 


OO'I  J 


r?  X*  4 k 

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v> 

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REPORT. 


To  the  Stockholders  of  the  Concord  Railroad  Corporation  : 

In  some  respects,  railroads  are  no  longer  an  experiment.  The 
experience  of  more  than  twenty  years  in  New-England  has  demon- 
strated their  capacity,  utility  and  general  importance.  The  facilities 
to  social  and  commercial  intercourse  which  they  afford,  in  the  more 
safe  and  speedy  transportation  of  passengers  and  freight,  render 
them  an  indispensable  element  in  the  progress  of  civilization.  Their 
continued  existence  and  successful  management  are  essential  to  the 
maintenance  of  the  advanced  position  society  has  already  attained. 
To  abolish  them  would  be  to  destroy  a large  share  of  the  comforts  as 
well  as  luxuries  of  life,  to  say  nothing  of  the  immense  pecuniary 
sacrifices  in  a thousand  ways  involved  in  such  a result.  Nearly 
seven  hundred  millions  of  dollars  have  been  invested  in  their  con- 
struction and  equipment  in  the  United  States  alone.  They  have 
become  a necessity  of  the  times  and  of  the  race.  The  community 
can  no  more  exist  without  them  than  without  tea,  coffee  and  sugar, 
shoes,  hats  and  over-coats.  To  suppose  that  their  advantages  are  to 
be  dispensed  with  — that  the  scream  of  the  whistle,  the  sigh  of  the 
exhaust  pipe,  and  the  rumbling  of  the  cars,  are  no  longer  to  be 
heard  — and  that  stage  coaches  and  baggage  wagons  are  to  reappear 
in  all  their  pristine  glory  and  more  than  pristine  numbers  — is  sim- 
ply absurd.  Revolutions  never  advance  backwards.  That  many 
railroads,  and  branches  or  portions  of  many  others,  which  ought 
never  to  have  been  built,  may  be  suspended  or  discontinued,  is  alto- 
gether probable ; but  that  wherever  there  existed  any  real  occasion 
for  their  construction  in  the  first  place  — wherever  the  public  ever 


4 


actually  needed  the  services  or  demanded  the  facilities  which  rail- 
roads are  calculated  and  designed  to  render  and  furnish  — they  are 
to  be  perpetuated,  there  can  be  no  manner  of  doubt. 

It  is  equally  certain,  that  wherever  railroads  are  needed,  and  for 
that  cause  continued,  their  proprietors  are  destined  hereafter  to  be 
suitably  remunerated  for  their  investment.  The  idea  that  engines 
and  cars  are  to  continue  to  run  for  the  accommodation  and  con- 
venience of  the  public  merely,  while  their  owners  are  daily,  monthly 
and  yearly  made  poorer  from  their  operations,  is  preposterous.  The 
public  do  not  expect  or  desire  it,  nor  is  it  for  their  advantage  that  it 
should  be  so.  The  interests  of  the  community  and  of  railroad  pro- 
prietors are  identical.  Their  rights  and  duties  are  reciprocal,  and 
not  antagonistic.  It  is  as  much  the  duty  and  for  the  interest  of  the 
public  to  pay  railroad  proprietors  fairly  and  liberally  for  ensuring  the 
safety  and  rapidity  of  personal  intercommunication  and  an  inter- 
change of  useful  productions,  as  it  is  the  duty  and  for  the  interest  of 
railroad  proprietors  to  ensure  both  in  the  best  and  most  economical 
method.  Stockholders  in  railroads  are  themselves  a part,  and  no  in- 
considerable part  of  the  community,  and  it  needs  no  argument  to 
prove  that  no  community  can  ever  be  permanently  enriched  by  the 
wrongful  impoverishment  of  any  portion  of  its  members. 

There  are,  undoubtedly,  instances  where  railroads  are  so  little 
needed  that  the  business  to  be  transacted  upon  them  cannot  afford 
to  pay  for  operating  them,  and  at  the  same  time  secure  remunerative 
dividends,  upon  their  cost,  and  others,  where  the  improvidence  and 
reckless  extravagance  of  managers  increased  the  cost  of  construction 
vastly  beyond  what  was  necessary  for  the  reasonable  accommodation 
of  the  public.  In  such  cases  the  public  are  under  obligation  and 
can  only  be  expected  to  pay  adequate  interest  on  the  fair  business 
value  or  actual  necessary  cost  of  the  works  employed  by  them  to 
facilitate  travel  and  transportation;  and,  consequently,  these  roads 
must  ever  be  regarded  as  intrinsically  worth  no  more  than  that  fair 
value  or  necessary  cost.  But  in  a vast  majority  of  cases,  wherever 
in  fact  the  local  position  of  railroads  and  their  facilities  for  business 
are  such,  that  prudent  sagacity  ought  ever  to  have  dictated  their  con- 
struction as  an  investment  for  capital,  if  they  have  been  built  and 
furnished  with  a reasonable  regard  to  economy,  the  proprietors  are 
fairly  entitled  to  receive,  and  the  public  are  in  justice  and  equity 
bound  to  pay,  liberally  remunerative  dividends  on  their  entire  cost. 
The  beneficial  influence  constantly  resulting  from  railroads  in  enhanc- 
ing and  sustaining  the  value  of  property,  as  well  as  of  industrial 


5 


labor,  along  their  lines,  and  in  promoting  the  comforts  and  multiply- 
ing the  enjoyments  of  all  classes  of  the  community,  in  connection 
with  their  constant  exposure  to  great  and  serious  accidents,  imperi- 
ously requires  this. 

But,  as  before  suggested,  the  rights  and  duties  of  the  public  and 
of  railroad  proprietors  are  reciprocal,  or,  rather,  mutually  dependent 
on  each  other.  The  right  of  the  latter  to  demand  and  receive  of  the 
former  fully  remunerative  dividends  for  their  investment,  depends 
upon  the  fidelity  with  which  they  discharge  their  own  duties.  The' 
public  have  a right  to  insist  upon  and  require,  as  a condition  prece- 
dent to  the  payment  of  such  dividends  to  the  stockholders  of  rail- 
roads, that  those  stockholders  shall  not  only  so  manage  and  operate 
their  roads  as  to  afford  reasonable  facilities  for  the  accommodation  of 
the  business  passing  over  them,  but  that  those  facilities  shall  be  fur- 
nished, and  the  whole  operations  of  the  roads  be  conducted,  with  the 
most  rigid  economy  compatible  with  the  safe  and  reasonably  expedi- 
tious transaction  of  that  business.  The  proprietors  of  railroads  have 
no  right  to  complain  that  their  investment  is  unproductive,  if  that 
very  unproductiveness  is  directly  or  indirectly  attributable  to  the 
improvidence,  slothfulness,  extravagance,  recklessness,  unskillful- 
ness, incapacity,  or  unfaithfulness  of  their  own  agents  and  servants 
in  the  control  and  management  of  that  investment.  If  any  consid- 
erable share  of  the  legitimate  earnings  of  their  property  is  squander- 
ed — whether  in  compensation  for  valueless  services,  or  those  never 
rendered  ; in  extravagant  salaries  or  wasteful  expenditures ; in  disas- 
trous experiments,  or  through  loose  and  incompetent  superintend- 
ence; or  be  wasted  and  lost  through  the  inactivity,  indiscretion, 
carelessness,  incapacity,  fraud  or  dishonesty  of  their  own  officers  and 
servants,  the  responsibility  justly  rests  and  the  loss  properly  falls  on 
the  stockholders  themselves.  If  the  chief  executive  or  administra- 
tive officers  of  railroads,  or  any  portion  of  them,  are  selected  or  re- 
tained and  allowed  large  pay,  not  for  their  acknowledged  capacity 
and  ability  to  discharge  their  respective  duties  successfully  and  effi- 
ciently ; not  for  the  intrinsic  worth  of  their  services,  but  from  some 
kind  of  favoritism,  or  from  some  supposed  extraneous  influence  they 
may  be  thought  to  possess  and  to  be  able  to  exert ; and  if  the  sub- 
ordinates, or  any  portion  of  them,  hold  their  places  rather  as  a re- 
ward for  their  disposition  to  sound  the  praises  and  extol  the  merits 
of  their  superiors,  than  for  their  energy,  industry  and  fidelity;  it  can 
not  be  long  before  every  employee  of  ordinary  intelligence  will  come 
to  understand  the  condition  of  things,  and  the  result  must  inevitably 


6 


be  a general  laxity  of  discipline,  and  a want  of  the  necessary 
diligence,  promptitude  and  economy,  followed,  as  an  almost  necessary 
consequence,  by  looseness,  if  not  profligacy  of  expenditure  — per- 
haps by  positive  fraud  and  flagrant  dishonesty.  U nder  such  circum- 
stances it  is  worse  than  folly  for  stockholders  to  expect  satisfactory 
dividends.  It  is  only  when  the  affairs  of  railroads  are  conducted 
with  the  same  systematic  skill,  untiring  perseverance,  careful  econo- 
my, strict  fidelity  and  unswerving  integrity,  that  characterize  the 
business  transactions  of  intelligent,  capable,  shrewd  and  prudent  in- 
dividuals, that  their  proprietors  have  a right  to  anticipate  and  de- 
mand for  their  investments,  under  ordinary  circumstances,  those  full 
and  liberal  returns  which  the  liability  of  even  the  best  regulated 
railways  to  extraordinary  casualties,  render  reasonable  and  proper. 

Entertaining  such  views  of  the  mutual  rights,  duties  and  responsi- 
bilities of  railroad  proprietors  and  the  public,  the  Committee  appoint- 
ed by  you  at  your  last  Annual  Meeting  to  investigate  the  affairs  of 
the  Concord  Railroad,  entered  upon  the  discharge  of  their  duties. 
They  endeavored  in  the  first  place  to  satisfy  themselves  whether  your 
Road  was  so  located  and  naturally  commanded  such  an  amount  of 
business,  and  had  been  so  properly  constructed  and  at  such  reason- 
able expense,  that  you  had  a right  to  expect  fully  remunerative  div- 
idends on  the  par  value  of  your  stock.  Having  become  convinced, 
beyond  a doubt,  on  all  these  points,  they  next  inquired  into  the 
causes  that  had  operated  during  the  last  four  or  five  years  to  prevent 
a realization  of  your  just  expectations  in  this  regard ; and,  after  a 
full  and  patient  investigation  and  careful  analysis  and  comparison, 
they  regret  to  be  compelled  to  say  they  became  satisfied,  that,  al- 
though in  many  instances  less  compensation  has  been  received  for 
rents,  and  for  services  rendered  by  the  Road,  than  ought  to  have  been 
realized,  and  there  is  therefore  just  occasion  for  complaint  on  that 
ground,  yet  the  principal  cause  of  your  disappointment  is  to  be 
sought,  neither  in  the  small  amount  of  business  transacted  over  your 
Road,  nor  yet  in  the  small  compensation  received  for  doing  it,  but  in 
the  general  looseness  and  extravagance  of  expenditure,  the  general 
want  of  proper  care  and  strict  economy  in  the  management  of  almost 
every  department  of  the  affairs  of  the  Road  during  that  period.  The 
committee,  however,  do  not  ask  you  to  rely  upon  their  opinion,  but 
exhibit  for  your  consideration,  somewhat  in  detail,  and  under  dis- 
tinct heads,  the  result  of  their  investigations.  If  those  details,  and 
the  facts  and  figures  therein  embraced,  do  not  justify  the  conclusion 
at  which  they  have  arrived,  the  Committee  will  rejoice  to  find  them- 
selves mistaken. 


7 


Characteristics  and  Business  of  the  Concord  Road. 

It  is  quite  apparent  that  the  value  of  a railroad,  as  an  investment 
for  capital,  must  depend  on  the  amount  of  business  commanded  by 
its  local  position,  compared  with  its  cost,  length,  grades  and  curva- 
ture, and  its  capacity  for  performing  any  amount  of  business  passing 
over  it.  Now,  a more  desirable  location  than  that  of  the  Concord 
Road,  extending  as  it  does  through  the  valley  of  the  Merrimack, 
connecting  the  Capital  with  the  largest  and  two  of  the  principal  man- 
ufacturing towns  of  New-Hampshire,  and  forming,  with  its  connec- 
tions, the  natural  channel  of  communication  between  Lowell  and 
Boston  and  the  whole  of  Central  and  Northern  New-Hampshire  and 
Vermont,  could  hardly  be  found  in  New-England.  It  is  leveller 
than  any  of  the  principal  roads  in  the  Eastern  States,  and  far 
straighter  than  most  of  them.  With  a double  track  through  its  en- 
tire length,  and  an  amount  of  rolling  stock  adequate  to  any  emergen- 
cy, there  would  seem  to  be  no  reason  why  its  operations,  if  judicious- 
ly managed,  should  not  pay  satisfactorily,  if  it  commands  at  fair 
prices  an  amount  of  business  proportionate  to  its  cost  and  its  facilities 
for  doing  it.  And  this  it  does  command  and  has  always  commanded. 

Table  No.  1 contains  data  for  a comparison  of  the  Concord  with 
the  eight  principal  roads  in  Massachusetts,  in  respect  to  cost,  track, 
straightness,  grade,  curvature  and  business.  In  all  these  respects 
the  Concord  Road  compares  favorably  with  each  of  them.  The  max- 
imum grade  is  put  down  at  21.8  feet,  while  in  fact  that  is  the  grade 
for  only  900  feet  at  Manchester,  the  highest  grade  elsewhere  being  only 
15.8  feet.  The  average  rise  and  fall  per  mile  is  only  5J  feet,  or  one- 
third  less  than  upon  the  Boston  & Lowell,  and  less  than  half  that  of 
the  Boston  & Providence,  which  are  far  leveller  than  any  of  the  oth- 
ers. The  cost  per  mile  of  the  Concord  Road,  with  a double  track 
the  whole  distance,  is  less  than  that  of  either  of  the  others  except 
the  Old  Colony,  and  less  than  that  before  they  reduced  their  stock, 
while  several  have  but  a single  track  for  the  larger  part  of  their 
length.  The  amount  of  business  upon  the  Concord  Road,  as  repre- 
sented by  passengers  and  tons  carried  one  mile,  in  1854,  1855,  and 
1856,  was  greater  in  proportion  to  the  cost  of  the  road  than  upon 
either  of  the  other  roads  except  the  Boston  & Maine.  The  curva- 
ture is  more  favorable  than  upon  any  of  the  eight,  except  the  Boston 
& Lowell  and  Boston  & Providence. 

Possessing  these  advantages  over  the  best  of  the  principal  roads  in 
Massachusetts,  the  Committee  were  entirely  satisfied  the  Concord 


8 


Road  ought  always  to  have  paid  remunerative  dividends  on  its  entire 
cost. 

They  next  proceeded  to  the  inquiry  why  it  had  not  done  it,  and 
for  this  purpose  first  examined  the  annual  reports  of  the  Corporation, 
exhibiting  specifically  the 

Receipts  and  Expenditures . 

The  first  thing  which  attracted  the  attention  of  the  Committee  on 
this  point,  was  the  change  that  had  taken  place  during  the  last  five 
years,  since  1851,  in  stating  in  the  annual  reports  the  expenditures 
for  working  the  road.  Until  within  thelast  five  years,  every  thing 
expended  on  account  of  the  operations  of  the  road  during  the  year, 
was  enumerated,  and  the  aggregate  set  down  as  the  total  amount  of 
expenditures  in  operating  the  road.  Since  1851,  the  result  of  the 
year’s  business  is  apparently  stated  and  the  balance  struck,  and  from 
that  balance  items  varying  in  amount  from  $13,500  to  nearly  $30,000 
in  the  various  years,  are  afterwards  deducted,  as  if  the  latter  items  were 
something  else  than  actual  expenses  of  the  road,  whereas  they  are  of 
precisely  the  same  character  as  had  always  before  been  enumerated 
among  the  legitimate  expenditures.  This  circumstance  is  of  no 
great  consequence,  except  as  serving  to  indicate  the  point  at  which  a 
marked  change  in  the  proportion  of  expenses  to  receipts  occurred  and 
seemed  to  become  permanent,  and  the  consciousness  of  the  authors  of 
those  reports  that  such  change  had  taken  place. 

In  Table  No.  2 will  be  found  a statement  of  the  capital  stock,  the 
gross  receipts,  the  total  expenditures,  the  net  earnings,  the  per  cent- 
age  of  net  profit  to  the  capital  stock,  and  the  proportion  of  expenses 
to  receipts  for  the  fourteen  years  since  the  opening  of  the  Concord 
Railroad.  It  will  be  seen  that  for  the  first  nine  years  the  annual 
average  net  earnings  were  more  than  ten  per  cent,  upon  the  capital 
stock  of  the  Road;  but  for  the  last  five  years  they  were  less  than 
eight  per  cent,  upon  that  capital,  while  the  average  annual  receipts 
suffered  no  diminution.  So,  too,  from  the  opening  of  the  Road,  in 
1842,  until  1849,  after  the  opening  of  both  the  Northern  and  Bos- 
ton, Concord  and  Montreal  Roads,  a period  of  six  years,  the  average 
proportion  of  expense  to  income  was  not  quite  fifty-five  per  cent. ; 
from  1848  to  1853,  a period  of  four  years,  with  the  upper  Roads  in 
full  operation,  the  average  proportion  of  expense  to  income  remained 
the  same,  nearly  fifty-five  per  cent. ; while  from  1852  to  1857,  the 
last  period  of  four  years,  the  annual  average  proportion  of  expense 
to  income  was  nearly  sixty-six  per  cent. — a difference  of  more  than 


9 


ten  per  cent. ; and  this  difference  of  ten  per  cent.,  had  it  been  saved, 
would  have  enabled  the  Road  to  have  paid  eight  per  cent,  dividends 
whenever  it  has  paid  only  six  or  seven  during  the  entire  period,  and 
left  a handsome  surplus  for  contingencies. 

Table  No.  3 exhibits  at  one  view  the  operations  of  the  Road  for 
the  last  thirteen  years,  except  that  the  results  accomplished,  and  the 
cost  and  income  thereof,  as  represented  by  passengers  and  tons  car- 
ried one  mile,  are  presented  for  the  last  seven  years  only.  From  this 
it  will  be  seen  that  while  the  amount  of  business  for  the  last  five 
years,  as  represented  by  the  total  receipts,  has  been  considerably 
larger  than  for  the  preceding  five  years,  the  amount  of  earnings  for 
a given  quantity  of  labor  performed  have  been  less,  and  the  expense 
of  performing  it  greater,  and  of  course  the  net  profits  of  it  very  con- 


siderably less  than  in  the  preceding  five  years.  Thus — 

The  average  receipts  per  mile  of  trains  run  the  last  five  years 

have  been  $1.59f 

The  average  expense  per  mile  of  trains  run,  do.  do.  l.Olf 


The  average  net  profits  per  mile  of  trains  run,  do.  do.  .57| 
While  — 

The  average  receipts  per  mile  run  of  trains  the  preceding  five 

years  were  $1.70f 

The  average  expense  per  mile  of  trains  run,  do.  do.  .93  f 

Average  net  profit  per  mile  of  trains  run,  do.  do.  .87 

Average  receipts  per  mile  of  trains  run  less  the  last  five  than 

the  preceding  five  years,  $ .Ilf 

Average  expenses  per  mile  run  greater  the  last  five  than  pre- 
ceding five  years,  .08f 


Average  net  profits  per  mile  run  less  last  five  than  pre- 
ceding five  years,  .29f 


As  the  aggregate  amount  of  business  transacted  the  last  five  years 
was  considerably  larger  than  for  the  preceding  five,  it  follows  that 
the  trains  must  have  run  much  lighter,  and  yet  the  expense  per  mile 
of  running  them  was  considerably  larger. 

The  same  result  is  manifest  by  comparing  the  receipts,  expenses 
and  net  profits  per  passenger  or  ton  carried  one  mile  the  last  three, 
with  the  same  data  for  the  preceding  four  years  : 


10 


Average  receipts  per  passenger  or  ton  carried  one  mile  last 
three  years, 

Average  expense,  do.  do.  do. 

Average  net  profit,  do.  do.  do. 

Average  receipts  per  passenger  or  ton  one  mile  four  years 
next  preceding  three  last, 

Average  expenses,  do.  do. 

Average  net  profit,  do.  do. 

Average  receipts  per  passenger  or  ton  one  mile  less  last 
three  than  preceding  four  years, 

Average  expense,  do.,  greater,  do. 


2.65-^  cts. 
1.78f  cts. 

.87  cts. 

2.99?  cts. 
1.701  cts. 


1.29J  cts. 

.33f  cts. 
.08t52-  cts. 


Average  net  profits,  do.,  less,  do.  .42J  cts. 

While  such  is  the  result  of  a comparison  of  the  operations  of  the 
Concord  Road  in  former  years  with  those  of  the  last  few  years,  a like 
conclusion  is  reached  by  a comparison  of  those  operations  with  those 
of  other  Roads,  similarly  situated  with  the  Concord,  during  the  same 
years.  In  Table  No.  4 is  given  a synopsis  of  the  operations  of  all 
the  railroads  in  Massachusetts  for  thirteen  years,  at  intervals  of 
four  years  : to  wit.,  in  1842,  1846,  1850  and  1854.  From  this  it 
will  be  seen  that  the  results  at  each  of  those  periods  is  more  favora- 
able  upon  the  Massachusetts  roads,  taken  as  a mass,  than  upon  the 
Concord  Road.  How  this  can  have  been  possible,  considering  the 
advantages  of  our  road  in  grades,  curves  and  amount  of  business,  is 
somewhat  surprising. 

In  Table  No.  5 the  operations  of  various  railroads  in  this  State 
and  Massachusetts  are  compared  with  each  other,  and  the  number 
of  men  employed,  with  the  amount  of  gross  earnings  per  man,  is 
given.  It  is  to  be  noticed  in  reference  to  this  table,  that,  of  the 
roads  there  compared,  the  Old  Colony  handles  through  freight  at 
both  ends ; the  Boston  & Maine,  Western,  and  Fitchburg  at  one  end 
only,  while  the  Eastern,  Boston  & Providence,  (by  contract,)  the 
Vermont  & Massachusetts,  Cheshire,  Concord,  Manchester  & Law- 
rence, Northern,  and  Boston,  Concord  & Montreal,  handle  it  at  neither. 
Moreover,  the  local  freight  of  the  Concord,  and  of  the  Manchester  & 
Lawrence,  at  Manchester,  is  also  handled  by  contract.  It  will  be 
perceived  that  the  amount  of  earnings  per  man  in  1855  was  less 
upon  the  Concord  Road  than  upon  any  other  except  the  Boston  & 
Maine,  and  in  1856  more  than  $100  per  man  less  than  upon  either 


11 


of  them.  It  is  also  worthy  of  remark,  that  while  upon  a large  ma- 
jority of  the  roads  the  earnings  per  man  are  quite  largely  increased 
from  one  year  to  the  other,  they  are  materially  diminished  upon  the 
Concord  Road. 

By  reference  to  Tables  Nos.  2 and  3,  it  will  he  seen  that  in  1854 
a larger  amount  of  business  was  performed  on  the  Concord  Road, 
and  with  less  profit,  than  in  any  year  before  or  since.  As  a matter 
of  curiosity,  and  for  future  reference,  the  operations  of  six  of  the 
principal  Roads  in  Massachusetts  during  the  same  year  are  presented 
in  Table  No.  6,  from  which  it  will  be  seen  that  the  results  tipon  all  of 
them  except  the  Boston  & Lowell  are  much  more  favorable  than 
upon  the  Concord.  The  Boston  and  Lowell,  which  is  leveller  than 
any  other  of  the  large  roads  of  New-England  except  the  Concord, 
with  more  favorable  curves  than  any  of  them,  seems  generally  to 
have  been  more  expensive  than  any  other.  To  judge  merely  from 
the  results  upon  that  road  and  your  own,  it  would  seem  that  low  grades 
and  easy  curves  are  rather  an  injury  than  a benefit  as  regards  the 
cheapness  of  operating  a road. 

By  reference  to  Tables  Nos.  3,  4 and  6,  it  will  be  seen  that  the  pro- 
portion of  passengers  to  freight  is  much  larger  on  most  of  the  Massa- 
chusetts roads  than  upon  the  Concord ; and  as  the  cost  of  transport- 
ing a ton  of  freight  a mile  is  considerably  greater,  including  the 
handling,  than  that  of  transporting  a passenger  the  same  distance, 
it  would  evidently  be  unfair  to  compare  the  expense  per  passenger 
or  ton  on  the  Concord,  with  that  of  a passenger  or  ton  on  most  of 
the  Massachusetts  roads,  while,  as  in  the  returns,  passengers  and 
tons  are  classed  together.  But  the  Western  Road  is  an  exception  to 
the  other  Massachusetts  roads.  The  proportion  of  passengers  to 
freight  upon  that  road  was  nearly  the  same  as  upon  the  Concord  in 
1856,  and  the  expense  of  transporting  the  one  or  the  other  precisely 
the  same ; yet,  notwithstanding  the  higher  grades  upon  that  road, 
averaging  about  134  feet  to  the  mile  through  its  whole  distance  of  155 
miles,  and  reaching  at  one  point  a maximum  of  83  feet,  and  its 
sharper  curves,  so  well  were  the  trains  arranged  and  so  uniformly 
loaded  that  the  receipts  per  mile  run  were  $2.06,  instead  of  $1.48 
upon  the  Concord,  and  the  net  profits  per  mile  run  more  than  88 
cents,  instead  of  51  cents  upon  the  Concord ; the  average  passengers 
or  tons  per  miles  run  being  66 J,  against  54  upon  the  Concord  Road. 
The  proportion  of  expenses  to  receipts  upon  the  Western  Road  in 
1852  was  forty-nine  per  cent. ; -in  1853,  fifty-one  per  cent. ; in 
1854,  fifty-nine  per  cent.  ; in  1855,  sixty-six  per  cent.,  and  in  1856 


12 


fifty-seven  per  cent.  — an  annual  average  for  the  five  years  of  fifty- 
six  per  cent. ; while  the  annual  average  on  the  Concord  Road 
for  the  very  same  years  is  nearly  sixty-four  per  cent.,  and  for  the 
last  four,  nearly  sixty-six  per  cent.  Considering  the  characteris- 
tics of  the  two  Roads,  as  exhibited  in  Table  No.  1,  we  have  no  hesi- 
tation in  expressing  our  unqualified  conviction  that  if  the  annual 
average  proportion  of  expenses  and  receipts  on  the  Western  Road  for 
the  last  five  years,  is  a fair  one  — and  there  is  no  reason  to  doubt 
that  it  is  large  enough  — the  annual  average  of  the  Concord  Road 
during  the  same  period  should  have  been  less  than  fifty  per  cent. ; 
and  we  are  confident,  that,  with  prudence  and  rigid  practical  economy 
in  every  department,  it  can  and  will  hereafter  be  reduced  to  that,  or 
even  a lower  average. 

Having  thus  satisfied  ourselves,  both  from  analysis  and  compari- 
son, of  the  general  result,  that  the  expenses  of  the  Concord  Road 
during  the  last  five  years  had  been  altogether  too  large,  the  Commit- 
tee entered  upon  some  examination  of  the  particular  departments  of 
expenditure.  They  first  approached  that  of 

Fuel  and  Oil. 

As  is  well  known  to  those  stockholders  attending  the  last  annual 
meeting,  and  probably  to  most  others,  your  Committee  were  first  se- 
lected and  appointed  on  the  26th  of  May  last,  by  your  Directors,  " to 
investigate  thoroughly  all  matters  connected  with  the  discharge  of 
George  A.  Pillsbury’s  duty,  since  he  has  been  Wood  Agent  of  the 
Concord  Railroad.”  Owing  to  previous  engagements  of  their  chair- 
man, they  were  unable  to  commence  their  labors  until  the  seventh  of 
June  last,  at  which  date  they  received  from  your  President  a written 
communication,  requesting  that  their  “ inquiries  might  be  extended 
back  to  the  time  of  the  appointment  of  Mr.  Pillsbury  as  Wood 
Agent,  and  that  the  investigation  should  embrace  all  matters  con- 
nected with  the  system  and  mode  of  accounts  kept  in  that  depart- 
ment, the  contracts,  made  and  prices  and  quality  of  the  wood  pur- 
chased from  time  to  time,  with  an  accurate  survey  of  the  wood  now 
on  hand,  and  all  facts  bearing  in  any  manner  on  the  competency, 
faithfulness  and  integrity  of  the  Wood  Agent  and  others  entrusted 
in  any  way  with  the  business  of  the  department ;”  and  tendering  to 
them  “ every  aid  and  assistance  in  his  power  to  render,  in  order  that 
as  early  a report  as  possible  might  be  had.” 

In  accordance  with  these  instructions,  your  Committee  at  once  en- 
tered upon  their  duties,  and  Jeremiah  S.  Noyes,  Esq.,  of  Concord,  a 


13 


gentleman  of  large  experience  as  a surveyor  of  wood  and  lumber,  and 
distinguished  for  general  intelligence  and  sound  practical  judgment 
in  business  matters,  having  been  substituted  for  the  chairman  in  the 
matter  of  examining,  surveying  and  appraising  the  stock  of  wood  on 
hand,  prosecuted  their  labors  as  diligently  as  practicable  until  the  2d 
day  of  July  last,  when  they  made  report  to  the  Board  of  Directors, 
setting  forth  the  results  of  their  investigations,  and  recommending 
the  immediate  discontinuance  of  the  office  of  Wood  Agent.  This 
report  remained  in  the  office  and  possession  of  the  President  until 
the  25th  of  August  last,  when  the  Committee  were  called  together 
by  your  President,  and  met  him  and  Mr.  Pillsbury  at  his  office. 
After  a protracted  interview  and  considerable  discussion,  their  report 
was  returned  to  the  Committee  by  your  President,  with  interlinea- 
tions and  written  suggestions  for  amendments  therein,  such  as  would 
render  the  same  more  acceptable  to  himself  and  Mr.  Pillsbury.  Infer- 
ring from  the  length  of  time  that  had  elapsed  after  the  report  was  pre- 
pared without  its  having  been  laid  before  the  Directors,  that  a new  re- 
port was  not  very  likely  to  reach  the  Board  before  the  adjournment  of 
your  annnal  meeting,  and  renewed  inquiries  having  confirmed  their 
convictions  of  the  substantial  correctness  of  those  portions  of  the 
report  interlined  and  otherwise  marked  for  correction,  the  Committee 
have  omitted  to  present  any  new  report  to  the  Directors,  or  to  return 
the  old  one  to  your  President  They  were  more  easily  reconciled  to 
this  course,  as  they  learned  from  the  Superintendent  that  the  Wood 
Agency  had  been  discontinued  soon  after  the  report  was  originally 
made,  and  were  satisfied,  from  their  own  observation  and  the  informa- 
tion they  received  from  others,  that  a decided  improvement  and  re- 
form had  commenced,  and  was  being  perfected  in  the  fuel  depart- 
ment. They  will,  therefore,  only  briefly  state  here  the  result  of  their 
examination. 

There  was  on  hand  belonging  to  the  Associated  Hoads,  March  31, 
1857,  according  to  the  annual  report  of  your  Directors,  wood,  includ- 
ing 1194  cords  of  old  sleepers,  valued  at  $64,119.76. 

To  the  quantity  of  wood  on  hand  March  31,  1857,  17,423£  cords, 

Add  purchased  in  April,  as  per  Mr.  Pillsbury’s  state- 
ment, 860§-  “ 

And  purchased  in  May,  do.  do.  do.  956-|  “ 

Making  a total  amount  June  7,  1857,  of  19,240  £ cords. 

Estimating  the  quantity  consumed  in  April  and  May 

and  six  days  in  June,  at  2,100  cords,  2,100  cords. 


i 


14 


There  should  have  been  on  hand  June  7,  1857,  17, 140 £ cords. 

There  were  surveyed  by  Noyes  and  the 

Committee,  8,928§  cords. 

Estimated  by  them,  7.290-f  cords. 

16,218£  cords. 

Leaving  a deficit,  as  estimated,  of  922  cords. 

Mr.  Pillsbury  estimated  the  quantity  consubied  in  the  two  months 
and  six  days  so  much  larger  than  the  estimate  of  the  Committee,  as 
to  avoid  any  deficit  in  the  quantity  on  hand. 

The  wood  on  hand  March  31,  1857,  including  1194  cords 

old  sleepers,  was  valued  in  the  report  at $64,119.76 

The  8,928£  cords  surveyed  by  Noyes  and  the  Committee 
were  appraised  by  them  at  the  sum  of  $30,347.21 
The  7,290f  cords,  estimated  by  Noyes  and  the 
Committee  at  cost,  except  500  cords  on 
the  Portsmouth  & Concord  .Railroad,  247 
cords  at  Roby’s  Corner,  and  643f  cords 

of  old  sleepers,  amounted  to $23,591.25 

Making  the  total  value  of  all  the  wood  on  hand, 

June  7, 1857,  as  appraised  and  estimat- 
ed by  Mr.  Noyes  and  the  Committee, 
including  only  643|  cords  of  old  sleep- 


ers, the  sum  of $53,591.25 

And  showing  a difference  in  value  of $10,528.51 


In  the  16,2181  cords  estimated  and  surveyed  by  Mr.  Noyes  and 
the  Committee,  are  included  the  643f  cords,  of  old  sleepers,  appraised 
by  them  at  $1.75  per  cord,  while  in  the  quantity  on  hand  March  31, 
1857,  are  included  1194  cords  of  old  sleepers.  The  difference  in 
quantity  between  the  wood  on  hand  June  7 and  March  7,  1857,  was 
l,205f  cords,  of  which  550|  cords  were  old  sleepers.  Deducting  from 
the  above  difference  the  value  of  the  550f  cords  of  old  sleepers  at  $1.75, 
amounting  to  $963.17,  and  the  value  of  the  remaining  562  cords  of 
wood,  at  $3.68,  the  valuation  per  cord  in  the  report,  $2068.16,  in  all 
$3031.33,  the  real  difference  in  value,  as  found  by  Mr.  Noyes  and 
the  Committee,  was  about  $7,497.18,  to  say  nothing  of  any  deficit  in 
quantity. 

The  method  of  keeping  the  accounts  of  the  wood  department 
adopted  by  Mr.  Pillsbury,  and  frankly  exhibited  by  him,  had  the 
merit  of  great  simplicity,  and  required  but  a slight  amount  of  labor, 
being  in  fact  little  more  than  naked  memoranda  of  results  from 


15 


month  to  month,  exhibiting  the  quantities  of  wood  purchased,  o 
whom,  and  the  prices  paid.  Had  it  been  fuller  and  more  in  detail, 
it  would  have  been  more  satisfactory,  and  presented  better  means  of 
investigating  its  correctness.  The  great  deficiency  of  the  entire  sys- 
tem was  the  absence  of  anything  showing  the  location  of  the  wood, 
or  the  time,  place  or  circumstances  of  the  contracts  for  its  purchase 
and  delivery.  No  kind  of  memoranda  was  exhibited  or  understood 
to  have  been  generally  preserved  by  the  Agent,  showing  the  charac- 
ter or  extent  of  past,  present  or  future  contracts  for  wood ; where, 
when,  or  how  much  was  to  be  delivered,  or  its  quality  or  price.  The 
whole  matter  seemed  to  rest  entirely  in  the  unaided  memory,  judg- 
ment and  discretion  of  the  Agent ; and  however  honest  or  capable  he 
might  be,  it  seemed  to  the  Committee  quite  improper  that  in  trans- 
acting business  for  a railroad,  with  a great  variety  of  persons,  to  the 
amount  of  from  $30,000  to  $50,000  per  annum,  any  gentleman 
should  undertake  to  rely  upon  the  strength  of  his  own  recollection 
only,  or  upon  anything  except  written  memoranda  of  the  terms,  con- 
ditions and  exact  particulars  of  the  various  contracts  entered  into  for 
the  corporation. 

The  Committee  had  little  means  or  opportunity  to  investigate 
the  affairs  of  the  wood  department  from  the  commencement  of  Mr. 
Pillsbury’s  administration,  other  than  what  was  derived  from  his 
own  statements.  He  unhesitatingly  asserted  that  he  had  never  in- 
tentionally done  anything  whereby  the  interests  of  the  corporation 
suffered  ; there  was  no  evidence  to  the  contrary,  and  the  Committee 
are  by  no  means  disposed,  without  full  and  satisfactory  evidence,  to 
controvert  his  position.  There  were  some  things  disclosed  to  the 
Committee  in  the  course  of  their  investigations  which  might  excuse 
if  not  justify  the  suspicions  of  stockholders  and  the  public.  Among 
these  may  be  mentioned  the  purchase  of  considerable  quantities  of 
wood,  in  which  employees  of  the  road,  including  the  Agent  himself, 
had  some  pecuniary  interest ; his  examination  of  wood  lots  prepara- 
tory to  their  being  purchased ; the  lending  of  his  name,  and,  in  one 
instance,  the  advancing  of  money  by  him  to  secure  the  purchase  of 
lots,  from  which  he  had  previously  contracted  or  agreed  to  contract 
for  a part  or  the  whole  of  the  wood  for  the  road,  to  be  measured  by 
himself ; the  permission,  by  his  authority,  but  with  the  knowledge  of 
the  Superintendent,  of  the  gratuitous  use  of  the  cars  of  the  corpora- 
tion to  employees  and  others,  for  the  conveyance  of  wood  considera- 
ble distances  over  other  roads,  whereby  the  vendors  were  enabled  to 


16 


obtain  forty  or  fifty  cents  per  cord  more  than  other  individuals  not 
thus  favored  could  realize  for  wood  of  like  quality  in  the  same  local- 
ity ; and  the  distribution,  in  one  instance,  about  the  streets  of  Con- 
cord, to  the  residences  of  persons  in  the  employment  or  connected 
with  the  Road,  of  a considerable  quantity  of  wood  that  had  been 
previously  surveyed  to  and  paid  for  by  the  Corporation,  no  record  or 
memorandum  of  the  transaction  having  been  made  or  preserved. 

Among  the  practices  prevalent  under  Mr.  Pillsbury’s  administra- 
tion of  the  wood  department  until  prohibited  by  the  present  Super- 
intendent, which  the  Committee  deemed  reprehensible,  was  one  of 
permitting  contractors,  who  sawed  wood  at  Manchester,  Lawrence 
and  elsewhere,  to  sell,  at  trifling  prices,  large  logs  and  other  wood 
deemed  refuse,  themselves  keeping  and  rendering  their  own  accounts 
of  sales,  and  paying  over  the  proceeds  to  the  Wood  Agent,  by  whom 
these  proceeds  and  the  avails  of  the  wood  sold  by  himself  were  fre- 
quently disbursed.  The  temptation  to  dishonesty,  both  in  account- 
ing for  wood  sold  and  in  disposing  of  good  instead  of  refuse  wood, 
was  so  great  that  the  Committee'  urged  an  entire  discontinuance  of 
the  practice,  and  their  suggestion  was  immediately  adopted. 

Another  evil  existing  to  a considerable  extent  during  Mr.  Pills- 
bury’s  charge  of  the  fuel  department,  was  the  custom  of  advancing 
money  upon  wood  before  it  had  been  delivered  or  surveyed,  or  any 
valid  contract  in  express  terms  made  for  its  delivery.  When  a man 
was  engaged  in  getting  out  a large  amount  of  wood,  receipted  bills 
for  considerable  quantities  of  it  were  sometimes  taken  and  paid  for, 
in  advance  of  the  admeasurement  or  delivery  of  any  portion  there- 
of. With  responsible  parties  such  a course  might  be  safe,  but  would 
be  quite  likely  to  lead  to  disputes  and  hard  feelings,  if  to  nothing 
more  disastrous  to  the  corporation  ) and,  as  a general  rule,  it  is  quite 
soon  enough  for  a road  to  pay  for  its  wood  on  survey  and  delivery. 

Under  Mr.  Pillsbury’s  management,  great  and  unnecessary  ex- 
pense was  frequently  incurred  by  repeated  handling  and  moving  of 
the  same  wood.  Much  of  the  wood  purchased  upon  the  line  of  the 
Portsmouth  Road,  for  instance,  was  so  located  that  it  had  to  be  moved 
by  hand  once  or  twice  over  before  reaching  the  track  so  that  it  could 
be  loaded  upon  cars.  In  some  cases  wood  had  been  moved  first  to 
one  station  and  then  to  another,  and  then  again  to  the  place  where 
it  was  sawed,  thus  incurring  the  unnecessary  expense  of  loading  and 
unloading  two  or  three  times  the  same  wood,  before  it  reached  the 
engines  of  the  corporation.  Wood  enough  to  supply  the  wants  of 
the  associated  roads  for  many  years,  under  ordinary  circumstances, 


IT 


may  be  purchased  to  be  delivered  at  the  various  stations  upon  their 
lines;  where  so  much  of  it  as  may  not  have  been  originally  deliver- 
ed at  such  stations,  may  remain  until  removed  to  the  stations  where 
it  is  sawed  and  used.  It  is  far  better  and  cheaper  to  pay  an  extra 
price  for  wood  thus  delivered,  than  to  incur  the  expenses  of  repeated- 
ly handling  and  transporting  wood  obtained  at  considerable  distances 
from  the  line,  or  so  delivered  that  it  has  to  be  moved  once  and  again 
by  hand  before  reaching  the  track.  The  expenses  of  wood  trains,  as 
shown  by  the  monthly  pay  rolls,  are  truly  enormous,  and  would  of 
themselves  suffice  to  purchase  large  quantities  of  wood  delivered 
where  needed. 

In  September,  1854,  John  L.  Garland  and  John  S.  Pillsbury  pur- 
chased the  Plummer  lot  in  Hooksett,  from  which  the  Concord  Road 
have  since  obtained  large  quantities  of  wood,  amounting  to  some 
$12,000  or  $15,000  in  value.  John  S.  Pillsbury  is  a brother  of  the 
late  Wood  Agent  of  the  Concord  Road.  The  lot  was  purchased  on 
credit,  and  the  two  Pillsburys  signed  the  notes.  Soon  afterwards 
John  S.  Pillsbury  went  West,  and  has  had  no  active  participation  in 
the  removal  of  the  lumber  from  the  lot.  He  appointed  his  brother 
his  attorney  in  December,  1854,  and  in  September,  1855,  mortgaged 
to  him  his  interest  in  the  Plummer  lot.  One  half  or  more  of  the 
original  purchase  money  of  the  lot  still  remains  unpaid.  Both  the 
Pillsburys  assert  that  neither  of  them  has  ever  received  any  portion 
of  the  proceeds  of  the  wood  sold  from  the  lot  to  the  Concord  Road, 
but  that  the  whole  has  been  received  and  appropriated  by  John  L. 
Garland,  although  sold  and  delivered  in  the  name  of  John  L.  Gar- 
land & Co. — John  S.  Pillsbury  constituting  the  company. 

Wood  purchased  by  Mr.  Pillsbury  from  this  lot  was  examined  and 
appraised  by  Mr.  Noyes  and  the  Committee,  both  on  the  Portsmouth 
Road  and  at  Martin’s  Ferry.  That  upon  the  Portsmouth  Road  was 
appraised  at  $2.17  per  cord,  although  it  cost  the  corporation  $3.00 ; 
that  at  Martin’s  Ferry  was  appraised  at  $3.00  per  cord,  while  it  cost 
the  Road  $3.50.  A lot  of  wood  on  the  Portsmouth  Road,  purchased 
of  Joseph  Garland,  a brother  of  John  L.,  for  $2.50  per  cord,  was 
appraised  by  Mr.  Noyes  and  the  Committee  at  $2.17  per  cord.  Mr. 
Pillsbury  claimed  that  in  the  original  survey  of  this  wood,  sufficient 
deduction  had  been  made  to  make  it  merchantable  in  quality. 

In  justice  to  Mr.  Pillsbury,  the  Committee  would  say  they  are 
satisfied  his  purchases  of  wood  for  the  Road  were  generally  judicious, 
and  at  as  low  rates  as  wood  of  the  same  quality  was  purchased  by 
any  one.  Ordinarily  it  has  been  of  good  quality  and  well  assorted. 


18 


In  the  course  of  their  labors,  Mr.  Noyes  and  the  two  gentlemen  of 
the  Committee  associated  with  him  in  surveying  the  wood  on  hand, 
visited  and  examined  the  Groton  Wood  Lots,  belonging  to  the  as- 
sociated Roads,  upon  which  they  found  a large  quantity  of  wood  and 
timber.  They  made  inquiries  as  to  the  cost  of  cutting  and  hauling 
wood  from  those  lots  to  the  Montreal  Road,  and  the  expense  of  trans- 
porting the  same  from  Groton  to  Concord.  As  the  result  of  those 
inquiries,  the  Committee  are  unanimously  of  opinion,  that,  even  with 
the  advantages  of  a special  contract  for  running  their  cars  over  the 
Montreal  Road,  it  is  not  expedient  and  would  not  be  for  the  interest 
of  the  Roads  to  attempt  to  procure  wood  from  these  lots,  so  long  as 
it  can  be  obtained  at  anything  near  present  prices  upon  the  line  of 
their  own  tracks.  Nor  do  the  Committee  believe  the  period  will  ar- 
rive during  the  life-time  of  the  present  generation,  if  it  ever  does, 
when  wood  shall  so  advance  in  price  as  to  render  the  purchase  of 
these  lots  a pecuniarily  profitable  speculation.  To  the  annual  inter- 
est upon  their  cost,  and  taxes,  amounting  to  $700  per  year,  is  to  he 
added  the  constant  risk  from  fire  to  the  standing  growth  upon  them ; 
and  a very  great  change  indeed  must  occur,  before  wood  or  timber 
enough  can  annually  be  removed  from  them  to  make  the  net  profits 
upon  it  equal  the  interest  upon  such  an  accumulating  fund.  In  the 
judgment  of  your  Committee,  the  purchase  of  these  lots  by  the  Con- 
cord Road  was  exceedingly  impolitic,  and  the  price  paid  nearly,  if 
not  quite,  double  their  intrinsic  value  for  any  practically  available 
purpose. 

When  the  Committee  closed  their  labors  in  the  examination  and 
survey  of  the  wood  belonging  to  the  associated  Roads,  there  were  on 
hand  and  contracted  for,  including  700  cords  upon  the  Groton  Lots, 
21,436  cords.  It  was  estimated  by  them  that  this  quantity,  with  the 
old  sleepers  to  be  collected  in  the  mean  time,  would  make  very  near- 
ly a two  years’  stock  of  wood.  It  was  under  these  circumstances 
that  the  Committee  urged  the  temporary  discontinuance  of  the  Wood 
Agency.  Several  thousand  dollars  worth  have  since  been  sold,  and 
there  remained  on  hand  September  30,  1857,  as  appears  by  the 
survey  of  gentlemen  selected  for  that  purpose,  16,563-f  cords.  Of 
this,  considerable  quantities  have  been  lying  exposed  to  the  weather 
from  one  to  three  years,  and  are  already  much  deteriorated  in  value. 

In  confirmation  of  their  decided  conviction  of  the  general  loose- 
ness, improvidence  and  expensiveness  of  the  Wood  Department  for 
the  few  past  years,  resulting  from  personal  observation  and  inquiry, 
your  Committee  present  in  Table  No.  7 a statement  from  the  Annual 


19 


Reports  of  your  Directors,  of  the  annual  cost  of  wood  and  oil,  &c., 
per  mile  of  trains  run,  from  the  opening  of  the  Road  in  1842.  From 
this  it  will  be  seen  that  the  annual  average  cost  for  those  items,  dur- 
ing the  first  seven  years  of  the  operations  of  the  road,  was  nearly 
10 £ cents  per  mile  run  of  trains;  while,  during  the  last  seven  years, 
it  was  nearly  21  cents  per  mile  run.  From  the  best  information 
your  Committee  could  obtain,  the  average  difference  in  cost  of  wood 
between  the  two  periods  was  not  far  from  fifty  per  cent.  Admitting 
the  cost  of  oil  and  waste  to  have  advanced  in  the  same  ratio,  still  the 
expense  per  mile  run  ought  not  to  have  increased  fifty  per  cent.,  inas- 
much as  the  expense  of  handling  and  sawing  have  been  no  more 
during  the  latter  than  the  former  period,  and  it  has  already  been  shown 
that  the  trains  ran  lighter  during  the  latter  period.  Upon  these  data, 
the  annual  average  cost  per  mile  of  trains  run  during  the  last  seven 
years  ought  not  to  have  exceeded  fifteen  cents  for  fuel  and  oil. 

Maintenance  of  Way  and  Engines  and  Cars. 

The  next  items  of  expenditure  to  which  your  Committee  directed 
their  attention,  were  the  repairs  of  the  Road  and  the  expenses  incur- 
red for  engines  and  cars  wherewith  to  operate  it.  In  Table  No.  8 
will  be  found  a statement  of  the  expenditures  for  these  objects  re- 
spectively, and  conjointly,  for  the  last  ten  years.  By  that  it  appears 
that  the  average  annual  expense  for  maintenance  of  Way,  during 
the  last  five  years,  has  been  24  cents  per  mile  of  trains  run,  while 
during  the  preceding  five  years  it  was  but  17?  cents;  and  that  the 
average  annual  expense  for  engines  and  cars  during  the  last  five  years 
has  been  20J  cents  per  mile  of  trains  run,  while  for  the  preceding 
five  years  it  was  only  13^-  cents.  For  both  objects  the  average  annual 
expenditure  for  the  last  five  years  was  44  j?  cents  per  mile  run  of 
trains,  and  during  the  preceding  five  years  but  31  cents  per  mile. 

In  Table  No.  9 are  exhibited  the  expenses  incurred  for  mainte- 
nance of  Way  and  Motive  Power  on  the  eight  principal  roads  in  Mas- 
sachusetts, from  1846  to  1850  inclusive,  a period  of  five  years. 
From  this  a comparison  can  readily  be  instituted  with  the  Concord 
Road.  The  Boston  & Lowell  Road  alone  exceeds  the  Concord  in  ex- 
pensiveness, while  on  three  of  them  the  average  expense  for  these 
objects  is  less  than  half  that  of  the  Concord  Road  during  the  last 
five  years,  and  scarcely  more  upon  a fourth.  The  average  upon  the 
Western  Road  is  more  than  eleven  cents  per  mile  less  than  upon  the 
Concord  Road. 

It  will  be  noticed  that  the  expenditures  for  maintenance  of  way 


20 


during  the  last  five  years  have  amounted  to  nearly  $7,500  per  mile 
for  the  whole  distance  in  length  of  your  Road,  while  the  expenses 
of  locomotives  alone,  as  exhibited  in  Table  No.  3,  have  been  equal 
to  the  cost  of  three  first  class  engines  every  year  for  the  entire  pe- 
riod. In  other  words,  it  is  apparent  from  the  annual  reports  of  your 
Directors,  that  if  it  requires  nine  first  class  engines  to  operate  your 
Road,  the  whole  of  them  must  be  renewed  every  three  years,  if  the 
annual  expenditures  for  this  object  during  the  last  five  years  have 
been  a fair  average  of  what  is  necessary  to  maintain  this  department 
of  the  rolling  stock  of  the  Road. 

The  Committee  are  aware  that  expenditures  for  both  the  above  ob- 
jects must  be  somewhat  variable,  according  to  the  condition  in  which 
the  Road  may  happen  to  be  at  any  given  period.  But  by  reference 
to  Table  8 it  will  be  perceived  that  large  sums  have  constantly  been 
expended  on  road  repairs  since  1846 ; and  so  for  engines  and  cars 
since  1848.  By  recurring  to  the  Massachusetts  Roads,  it  will  be 
found  that  notwithstanding  the  higher  grades  and  sharper  curves 
and  heavier  trains  of  the  Western  Road,  its  average  annual  expendi- 
ture for  both  objects  during  the  last  five  years  has  been  only  48 
cents  per  mile,  and  for  engines  and  cars  only  21  cents,  notwithstand- 
ing the  average  for  both  objects  during  the  preceding  five  years,  as 
shown  in  Table  No.  9,  was  scarcely  greater  than  upon  the  Concord  dur- 
ing the  five  years  preceding  1852.  On  the  Boston  and  Maine  Road, 
moreover,  although  the  average  cost  for  these  objects  in  the  five 
years  given  in  Table  No.  9,  was  less  than  half  the  average  of  the 
Concord  for  the  last  five  years,  and  nearly  ten  cents  per  mile  less 
than  the  average  of  the  Concord  for  the  preceding  five  years,  the 
average  annual  expenditures  for  these  purposes  during  the  last  five 
years  has  been  only  31  cents  per  mile  run  — precisely  the  same  as 
the  average  upon  the  Concord  during  the  preceding  five  years — while 
the  annual  average  for  engines  and  cars  during  the  last  five  years 
was  only  10  cents  — less  than  half  that  of  the  Concord  Road. 

But  it  is  unnecessary  to  pursue  this  subject.  Your  Committee 
feel  very  confident  that  while  the  expenses  of  road  repairs  during 
the  last  five  years  have  been  greatly  larger  than  they  should  have 
been,  considering  the  condition  of  the  track  at  their  close,  the  ex- 
penditures for  motive  power  have  been  at  least  one  third  greater  than 
the  necessities  of  the  road  required  or  strict  economy  would  justify. 
They  are  satisfied,  from  information  received  from  those  who  have 
had  large  and  long  experience  in  the  business,  that  the  expenses  of 
the  repair  and  machine  shops  might  prudently  and  judiciously  have 


21 


been  diminished  to  that  extent.  With  more  diligent  and  constant 
supervision  of  the  work  of  operatives,  with  more  attention  to  strength 
and  durability,  and  less  to  appearance  and  ornament,  with  more  of 
impartiality  and  less  of  favoritism  in  the  selection  of  laborers,  with 
a greater  disposition  to  repair  economically  and  save  whatever  was 
valuable  of  the  old  stock,  and  less  to  utterly  demolish  and  renew  it, 
with  less  frequent  experiments  upon  new  inventions  and  fancied  im- 
provements, and  fewer  high-priced  overseers,  performing  little  or  no 
productive  labor,  coupled  with  a more  rigid  economy  in  all  the  va- 
rious branches  of  repairs,  such  a result  might  readily  have  been  at- 
tained. 

Passenger  and  Freight  Expenses. 

In  Table  No.  10  will  be  found  a statement  from  the  annual  reports 
of  your  Directors  of  the  annual  expenses  incurred  upon  your  Road 
for  the  last  eight  years  in  respect  to  passengers  and  freight,  not  in- 
cluded in  any  of  the  foregoing  items  of  expense.  The  Committee  un- 
derstand that  under  these  heads  are  included  the  wages  of  the  men 
employed  in  running  and  managing  the  passenger  and  freight  trains, 
and  in  handling  baggage  and  freight,  selling  tickets,  and  keeping  the 
accounts  incident  to  both  departments,  together  with  incidental  ex- 
penses for  advertising,  &c.  They  cannot  better  express  their  con- 
victions of  the  condition  of  things  as  regards  these  two  departments, 
than  by  referring  to  Tables  Nos.  11,  12  and  13,  showing  the  num- 
ber, names  and  compensation  of  the  men  employed  at  the  Concord, 
Manchester  and  Nashua  Stations  respectively,  to  do  the  work  of  the 
Concord  Road,  December  1, 1856,  compared  with  the  number,  names 
and  compensation  of  the  men  employed  at  the  same  Stations  to  do 
the  same  work  for  both  Roads,  July  31,  1857,  only  remarking  that 
at  Nashua  and  Manchester,  and  also  at  Concord,  the  expenses  in 
these  departments  have  been  still  farther  reduced  since  that  date. 
By  recurring  to  these  tables  it  will  be  seen  that  the  monthly  ex- 
penses had  been  reduced  at  Concord  $179.28,  amounting  to  $2,151.36 
per  annum ; at  Manchester  $434.55  per  month,  amounting  to 
$5,214.60  per  annum;  and  at  Nashua  $125.74  per  month,  amount- 
ing to  $1,508.88  per  year;  making  an  aggregate  reduction  in  the 
expenses  at  these  three  Stations  only  of  nearly  $9,000  per  annum ; 
while  the  Committee  have  no  hesitation  in  saying,  both  from  per- 
sonal observation  and  the  information  of  others,  that  the  business  at 
each  of  those  Stations,  including  the  Superintendent’s  office,  was 
never  more  promptly  and  correctly  transacted,  or  more  to  the  satis- 
faction of  those  interested  therein. 


22 


Table  No.  14  contains  a comparison  of  the  Pay-Rolls  of  the  men 
in  the  employment  of  the  Concord  and  of  the  Manchester  & Law- 
rence Railroads  in  July,  1856,  with  those  of  the  Associated  Roads 
in  July,  1857,  showing  the  number  of  men  employed  in  the  differ- 
ent departments,  the  number  of  days’  labor  performed,  the  total 
amount  of  pay  received,  the  average  days’  labor  per  man,  and  the 
average  price  per  day.  The  number  of  men  now  in  the  employment 
of  the  Associated  Roads  is  less  than  146,  instead  of  346  employed 
by  the  two  Roads  in  July,  1856,  and  your  Committee  are  assured  by 
the  Suprintendent  that  they  will  not  be  increased  beyond  that  num- 
ber during  the  remainder  of  the  present  autumn  and  the  approach- 
ing winter. 

Law  Expenses . 

Among  other  subjects  to  which  the  attention  of  your  Committee 
has  been  particularly  directed  by  stockholders,  are  the  legal  expenses 
of  the  road.  For  the  satisfaction  of  those,  as  well  as  to  show  that 
the  expenditures  in  this  department  have  kept  pace  with  those  of  the 
others,  Table  No.  15  will  be  found  to  contain  a detailed  statement  of 
the  amounts  paid  under  this  head  from  year  to  year  for  the  last  eleven 
years,  specifying  the  names  of  the  persons  to  whom  paid  and  the  ag- 
gregate of  each  bill,  so  far  as  the  Committee  were  able  to  obtain 
them.  Subjoined  is  a list  of  payments  for  the  same  service  by  the 
Associated  Roads,  The  Committee  only  remark,  in  relation  to  these 
bills,  that  the  charge  of  $150  annually  for  preparing  the  papers 
for  the  taxation  of  the  Associated  Roads;  a service  which  the 
President  or  Superintendent,  or  any  Clerk  in  the  office,  under  the  di- 
rection of  either  of  them,  could  have  performed  just  as  well  in  an 
hour,  after  the  circular  certificates  from  the  various  Town  Clerks  were 
returned  to  the  office,  seems  to  them  extravagant  and  entirely  un- 
necessary. 

The  aggregate  of  law  expenses,  as  presented  in  the  Table,  for  the 
last  five  years,  is  $9031.70,  or  more  than  $1800  per  annum;  for  the 
six  preceding  years,  $3234.15,  or  less  than  $540  per  annum. 

Accounts  of  the  Road. 

It  might  be  expected,  that  in  connection  with  the  business  opera- 
tions of  the  Road  during  the  last  five  years,  the  Committee  should  say 
something  of  the  condition  of  the  accounts  in  the  various  departments. 
They  were  furnished  by  the  Treasurer,  Mr.  Lovering,  with  free  ac- 
cess to  all  books  and  papers  in  his  office,  and  with  all  information  in 
his  power  to  give.  They  were  fully  satisfied  that  his  books  were 


23 


methodically  kept  and  properly  vouched,  and  that  every  thing  under 
his  control  had  uniformly  been  correctly  and  judiciously  managed. 

In  regard  to  the  books  and  papers  in  the  late  Superintendent’s  office, 
the  Committee  were  unable  to  see  any  of  them  until  a long  time  after 
their  appointment.  Upon  addressing  a note  to  your  President,  in- 
quiring if  they  could  be  allowed  to  examine  them,  they  were  informed 
that  they  were  at  liberty  to  do  so  at  any  time.  After  this,  they  were 
furnished  with  the  key  to  a safe  in  which  the  books  were  supposed 
to  be  deposited,  but  which  had  up  to  that  time  been  in  the  possession 
and  control  of  the  late  Superintendent’s  Chief  Clerk,  James  W.  Sar- 
gent, Esq.  Upon  examination  of  the  contents  of  the  safe,  it  was 
found  to  contain  no  ledger  account  of  transactions  since  1854,  and 
owing  to  the  removal  of  Mr.  Sargent  from  town,  the  Committee  did 
not  obtain  access  to  all  the  books  for  1855  and  1856  until  after  the 
printing  of  this  Report  had  been  commenced.  Of  course  they  had 
no  opportunity  afterwards  thoroughly  to  investigate  them.  Since 
they  first  examined  the  cash  book  for  November,  1856,  the  balance 
of  cash  on  hand  at  the  close  of  that  month  has  been  diminished,  by 
deducting  therefrom  $833.34,  as  paid  by  Mr.  Sargent  to  himself,  in 
addition  to  his  regular  salary,  for  extra  services  during  the  absence 
of  your  late  Superintendent  in  Europe  one  year  and  eight  months,  at 
$500  per  annum.  Mr.  Sargent  left  in  the  drawer  of  the  safe,  with 
the  remaining  balance  of  cash,  a receipted  bill  for  this  money,  in 
which  the  extra  compensation  of  $500  per  annum  is  alleged  to  have 
been  received  by  agreement  with  the  late  President  and  Superintend- 
ent. In  reply  to  inquiries  of  the  Committee,  he  asserted  that  both 
of  those  officers  expressly  promised  to  pay  him  an  extra  compensation 
of  that  amount,  though  it  was  inferred  from  the  non-approval  of  the 
voucher,  as  well  as  from  Mr.  Sargent’s  statements,  that  they  do  not 
now  admit  the  agreement. 

Upon  the  ledger  for  1853-4  was  found  what  was  denominated  a 
Suspense  Account,  which  attracted  the  notice  of  your  Committee  and 
a copy  of  which  forms  Table  No.  16.  This  was  commenced  Oct.  1, 
1853,  by  charging  Fuel  with  $1000,  Stock  in  Machine  Shop  with 
$500,  and  Labor  in  Machine  Shop  with  $500,  and  crediting  the  same 
items  to  Suspense  Account.  Subsequently  numerous  items  of  cash 
receipts  were  taken  from  various  accounts  and  entered  to  the  credit 
of  Suspense,  instead  of  being  transferred  to  the  legitimate  Income 
Accounts  to  which  they  belonged,  until  at  the  close  of  the  year,  October 
1,  1854,  there  had  been  passed  to  the  credit  of  Suspense  the  sum  of 
$5108.74.  Upon  the  opening  of  this  account  the  amount  of  the 


24 


three  first  items  of  credit,  $2000,  was  also  charged  to  Expense  of 
Manchester  and  Lawrence  Railroad. 

At  the  close  of  six  months,  March  31,  1854,  Fuel  was  credited 
back  with  the  $1000  charged  to  it  Oct.  1,  1853,  and  the  same  charg- 
ed to  Suspense.  Sundry  outstanding  bills  were  then  debited  to  the 
same  account,  and  in  Oct.  1854,  the  balance  standing  to  the  credit 
of  this  account  was  absorbed  by  the  payment  of  several  matters 
before  undisposed  of,  among  them,  survey  of  Railroad  to  Pittsfield  and 
balance  paid  Contoocook  Valley  Road  for  bonds,  which  last  item  is 
hereinafter  explained.  None  of  the  vouchers  for  any  of  these  pay- 
ments were  found  by  the  Committee,  and  Mr.  Sargent  informed  them 
that  these  payments  never  passed  through  the  books  of  the  Treasurer, 
the  account  in  fact  using  itself  up  in  the  Superintendent’s  office. 

The  only  result  from  this  Suspense  Account  and  its  operations  the 
Committee  were  able  to  perceive,  unless  the  charging  the  $2000 
fictitious  expenditure  the  second  time  to  Expenses  of  Manchester  and 
Lawrence  Road  had  some  further  effect,  was  to  increase  the  expense 
of  Labor  and  Stock  in  the  Machine  Shop  $1000  without  warrant,  and 
to  diminish  the  earnings  of  the  road  by  the  sum  of  $4108.74,  and 
provide  a convenient  fund  for  the  payment  of  such  claims  as  it  was 
not  deemed  necessary  to  have  entered  upon  the  invoice  book  and 
pass  into  the  Treasurer’s  hands.  Mr.  Sargent’s  impression  was,  that 
the  $1000  charged  to  Fuel,  Oct.  1,  1853,  was  credited  back  to  that 
account  March  31,  1854,  because  Mr.  Pillsbury  objected  to  have 
his  department  burdened  with  any  such  fictitious  charge. 

Mr.  Sargent  informed  the  Committee  that  this  account  was  opened 
and  the  three  fictitious  items,  amounting  to  $2000,  credited  to  it  under 
the  direction  of  your  late  President,  Mr.  Spalding,  and  that  the  latter 
cash  items  were  passed  to  its  credit  by  the  direction,  and  the  whole 
account  closed  up  with  the  approbation  of  your  late  Superintendent. 

Whether  there  may  be  anything  else  in  the  books  and  accounts 
of  the  Road  for  the  last  five  years  deserving  of  reprehension,  the 
Committee  from  their  limited  examination  are  not  able  to  say.  Per- 
haps it  might  be  well  for  your  Directors  to  employ  a competent  ac- 
countant to  investigate  them  thoroughly,  although  your  Committee 
were  assured  by  Mr.  Sargent  that  he  knew  of  nothing  wrong  in 
them. 

Among  the  expenditures  of  the  road  in  November,  1856,  your 
Committee  observed  that  the  sum  of  $333.33  was  received  by  your 
late  Superintendent  as  the  balance  for  his  services  for  eight  months, 
ending  Nov.  30,  1856.  This  was  in  addition  to  his  monthly  pay  of 


25 


$166.66,  or  $2000  per  annum,  and  made  up  his  annual  salary  for 
the  eight  months  at  the  rate  of  $2500  per  annum.  Upon  examina- 
tion of  the  Directors’  records,  the  Committee  did  not  find  any  vote 
increasing  the  salary  of  the  Superintendent,  and  are  not  aware  by 
what  authority  this  additional  compensation  was  received,  although 
it  must  be  presumed  to  have  been  authorized. 

Post  and  Rails  Account. 

Soon  after  their  appointment,  your  Committee  received  information 
that  there  had  existed  at  some  time  a kind  of  contingent  fund,  arising 
out  of  the  construction  of  a new  fence  for  the  road,  the  avails  of 
which  had  not  entered  into  the  reported  doings  of  the  corporation. 
For  the  purpose  of  eliciting  some  authentic  information  in  relation 
to  this  fund,  a note  was  addressed  by  their  Chairman  to  the  late  Su- 
perintendent, soliciting  a statement  of  his  knowledge  on  the  subject. 
Judge  Upham’s  reply  will  be  found  in  Table  No.  17.  Subsequent- 
ly the  Committee  were  furnished,  agreably  to  Judge  Upham’s  in- 
structions, with  a transcript  of  this  account,  as  found  in  Table  No. 
18,  and  the  vouchers,  so  far  as  there  existed  any  to  Mr.  Sargent’s 
knowledge  were  also  exhibited  to  them.  There  were  no  vouchers  or 
memoranda  for  the  first  item  of  $795.69  on  each  side  of  the  account, 
and  none  for  the  payment  of  $182.73  to  T.  C.  Gilman,  Aug.  16, 
1852.  Upon  inquiries  made  it  was  ascertained  that  Mr.  Gilman 
was  the  person  to  whom  a large  number  of  posts  and  rails  were  sold, 
it  appearing  from  his  books  that  he  sold  of  his  purchase  22,322  rails. 
Mr.  Gilman  is  now  in  California.  The  vouchers  generally  related  to 
the  Candia  Branch  survey  and  expenses  incident  to  the  gravel  train 
collision.  That  for  $190.00  paid  N.  G.  Upham,  is  a receipted  bill 
for  “ expenditures  for  road  on  various  accounts,  as  per  bills  rendered.” 
None  of  the  items  of  this  account  were  ever  entered  upon  any  books 
of  the  corporation,  as  the  Committee  understand.  Your  Committee 
were  informed  by  Mr.  Sargent  that  a further  sum  of  $436.89  once 
belonged  to  this  fund,  and  that  the  same  was  taken  and  paid  over  by 
the  late  Superintendent  to  the  Treasurer  of  the  corporation,  May  19, 
1851,  to  meet  a deficiency  of  cash  arising  from  the  business  of  the 
preceding  year,  but  no  voucher  taken  therefor.  For  that  reason 
it  does  not  appear  on  either  side  of  the  account. 

Contoocook  Valley  Bonds. 

In  the  letter  of  Judge  Upham,  Table  No.  17,  will  be  found  his 
explanation  of  a transaction,  to  which  his  attention  had  been  called 


26 


by  the  Chairman  of  your  Committee  in  connection  with  the  Post  and 
Rails  account.  Upon  investigation,  it  appeared  to  your  Committee 
that  prior  to  April  12,  1851,  the  Contoocook  Valley  Railroad  were 
indebted  to  the  Concord  Railroad  in  the  sum  of  $520.00,  upon  a 
draft  dated  April  20,  1850,  drawn  by  Joseph  Barnard.  Jr.,  Agent, 
upon  John  H.  George,  Treasurer  of  that  corporation,  and  by  the  lat- 
ter duly  accepted,  payable  in  twelve  months  from  date,  and  also  upon 
account  for  stock  and  labor  in  the  Machine  Shop  in  the  sum  of 
$1353.90,  from  which  a deduction  was  made  by  agreement,  reducing 
it  to  $1178.90.  On  the  12th  day  of  April,  1851,  Henry  Rolfe,  Jr., 
in  behalf  of  the  Contoocook  Valley  Road,  wrote  to  the  Superintendent 
of  the  Concord  Road,  that  the  Valley  Road  could  not  conveniently 
meet  the  draft  when  it  became  due,  or  at  once  pay  the  account,  but 
admitting  the  validity  of  both  claims,  and  proposing  to  adjust  them 
by  paying  interest  in  advance  for  four  months,  and  giving  a note 
on  that  time  for  the  amount  of  both  draft  and  account,  $1698.90. 
On  the  17th  of  May,  1852,  the  matter  was  finally  adjusted  by  the  Con- 
toocook Valley  Road  on  that  day  selling  to  the  Concord  Road  at 
par,  four  $500  eight  per  cent,  mortgage  bonds,  in  satisfaction  of  the 
draft,  account  and  interest,  another  bill  for  the  use  of  an  engine,  &c., 
and  $153.70  in  cash.  Table  No.  19  contains  a copy  of  the  settle- 
ment then  made,  from  the  files  of  the  Valley  Road.  The  only  entry 
which  the  Committee  were  able  to  find  upon  any  of  the  books  of  the 
Concord  Road  relating  to  the  whole  of  this  transaction  was  the  charge 
of  $153.70  to  Suspense  Account  in  September,  1854,  before  referred 
to  under  that  head,  and  to  be  found  in  Table  No.  16,  but  which  never 
went  on  to  the  Treasurer’s  books. 

Interest  was  payable  on  these  bonds  in  September  and  March. 
They  remained  in  Mr.  Sargent’s  custody  in  the  safe  of  the  corpora- 
tion until  September  15,  1852,  when  they  were  taken  by  the  late 
Superintendent.  The  interest  coupons  for  September,  1852,  and 
March,  1853,  $80  at  each  period,  were  paid  by  the  Valley  Road. 
In  July,  1853,  according  to  the  statement  of  Joseph  A.  Gilmore, 
Esq.,  your  present  Superintendent,  the  late  Mr.  R.  F.  Foster,  of  Con- 
cord, came  to  him  with  those  bonds  and  sold  them  to  him  for  $1000, 
$500  of  which  was  paid  in  cash  and  a note  given  for  the  remaining 
$500.  Mr.  Gilmore  subsequently  negotiated  the  bonds  to  a third 
party  in  the  way  of  trade  at  par.  James  W.  Sargent,  Esq.,  says 
that  in  July,  1853,  just  before  your  late  Superintendent  went  to 
Europe,  he  handed  to  him  $20  in  cash  and  Mr.  Gilmore’s  note  for 
$500,  and  told  him  to  collect  the  note  and  remit  the  proceeds  and 


27 


the  $20  to  the  Treasurer  at  Boston  to  pay  for  the  $520  draft  of  the 
Contoocook  Valley  Road.  It  appears  by  the  Treasurer’s  books  that 
$520  was  received  by  him  in  payment  for  that  draft,  July  28,  1853, 
from  Mr.  Sargent. 

These  are  all  the  facts  your  Committee  have  been  able  to  obtain  ; 
from  which  it  will  be  seen  that  for  the  draft  and  account,  amounting, 
with  interest,  May  17, 1852,  to  $1846.30,  and  $153.70  in  money,  your 
road  received  through  their  Superintendent  on  the  17th  of  May,  1852, 
$2,000  in  Contoocook  Valley  eight  per  cent,  mortgage  bonds.  Upon 
those  bonds  $160  interest  was  received  in  September,  1852,  and 
JVlarch,  1853.  In  July,  1853,  those  bonds  were  sold  for  $1000,  and, 
of  the  proceeds  $520  remitted  to  the  Treasurer  in  lieu  of  the  draft  for 
that  amount,  due  April  20-23,  1851,  which  had  previously  been  hold- 
en  by  him.  The  payment  of  the  $153.70  balance  was  never  returned 
to  the  Treasurer,  but  was  absorbed1'  in  Suspense  Account  in  Septem- 
ber, 1854.  If  the  information  of  your  Committee  be  correct,  admit- 
ting the  propriety  of  the  original  settlement,  and  that  the  sale  to  Mr. 
Gilmore  fixed  the  cash  value  of  the  bonds  at  $1000,  adding  to  that 
sum  $160  received  for  interest,  and  from  the  amount,  $1160,  de- 
ducting the  $520  remitted  the  Treasurer,  there  remains  the  sum  of 
$640,  to  which  the  corporation  appears  to  have  at  least  a strong  equi- 
table claim. 

Your  Committee  have  thus  referred  as  briefly  as  practicable  to 
some  of  the  numerous  topics  embraced  in  their  investigations,  the 
result  of  which  has  been  a strong  conviction  in  their  minds  that  the 
principal  cause  of  the  non-productiveness  of  one  of  the  best  pieces  of 
property  in  New-England  or  elsewhere,  during  the  last  four  or  five 
years,  is  to  be  found  in  the  unskillfulness,  improvidence,  extrava- 
gance, looseness  of  expenditure  and  general  want  of  economy  exhib- 
ited in  its  management.  But,  as  before  suggested,  these  have  not 
been  the  only  reasons  for  its  non-productiveness.  For  the  use  and 
occupation  of  its  lands  and  tenements,  as  well  as  for  the  wear  and 
tear  of  its  machinery  and  track,  and  the  labor  and  services  of  its  men, 
the  Road  has  in  many  cases  been  very  poorly  and  inadequately  paid. 
The  Committee  will  allude  to  a few  instances  of  this  sort. 

Rents. 

In  Table  No.  20  will  be  found  a detailed  statement  of  the  aggre- 
gate amounts  of  income  to  the  Concord  Road  each  year  since  its 
opening,  and  the  sources  from  whence  derived,  from  which  it  will  be 
seen  that  the  highest  sum  received  for  rents  in  any  one  year  was 


28 


$1574,  in  1851.  In  Table  No.  21  is  given  a description  of  the  lands, 
tenements,  and  other  leased  property  of  the  Concord  Road,  where 
located,  by  whom  occupied  the  present  year,  and  the  price  paid  there- 
for. It  will  be  noticed  that  the  amount  of  rents  is  $2035.67,  not- 
withstanding the  rent  of  nearly  ten  acres  of  valuable  land  in  Con- 
cord has  been  continued  to  Mr.  Biddle,  on  the  ground  that  it  had 
been  previously  contracted  to  him  by  the  late  Superintendent,  for  the 
former  price  of  only  $20,  not  more  than  one  tenth  its  actual  value. 
This  is  nearly  33  per  cent,  more  than  appears  ever  before  to  have 
been  realized  for  the  same  property,  and  almost  double  the  average 
annual  receipts  for  rents  during  the  last  fifteen  years. 

It  will  be  observed  that  the  rents  in  1852,  3 and  4 are  smaller 
than  for  the  preceding  year  or  subsequent  years.  One  cause  for  this 
is  the  fact,  which  appears  on  a rent  book  in  the  late  Superintendent’s 
office,  that  in  1853,  4 and  5,  the-  sum  of  $325  was  deducted  from 
the  amount  of  rents  when  collected,  and  retained  by  Mr.  Pillsbury, 
the  Wood  Agent,  as  compensation  for  collecting  them,  in  addition  to 
his  regular  salary,  and  the  balance  only  entered  upon  the  books  of 
the  Road.  Other  small  items  also  appear  to  have  been  deducted  in 
the  same  way.  It  was  also  suggested  by  Mr.  Sargent  that  in  1854 
the  rent  of  some  portion  of  the  property  at  Nashua  was  adjusted  in 
a general  settlement  with  the  Nashua  & Lowell  Road. 

In  the  opinion  of  your  Committee,  considerable  portions  of  the 
property  in  Concord  rented  to  Mr.  Biddle  might  judiciously  be  sold, 
and  the  proceeds  appropriated  to  the  general  purposes  of  the  Road. 
For  instance,  a large  part  of  the  four  acres  near  the  Machine  Shop, 
that  near  the  Gas-Works,  and  that  below  the  wood-shed,  and  perhaps, 
also,  that  near  the  Sullivan  house.  Most  of  the  land  near  the  Gas- 
Works  is  suitable  for  house-lots,  and  could  readily  be  sold  for  a large 
price.  The  old  Paint  Shop  on  Main  Street,  and  the  land  near  it, 
would  also  sell  well,  although  it  rents  this  year  for  three  times  what  it 
ever  did  before.  Perhaps  also  some  of  the  tenements  near  the  south- 
erly end  of  Main  Street  might  profitably  be  sold.  At  all  events,  all 
property  retained  by  the  corporation  should  hereafter  be  rented  for 
the  most  that  can  fairly  be  obtained  for  it. 

Expresses  and  Mails. 

In  Table  No.  20  will  also  be  found  a statement  of  the  amounts  an- 
nually received  by  the  Concord  Road  for  the  transportation  of  Ex- 
presses and  Mails,  and  they  seem  to  your  Committee  to  have  been 
utterly  disproportionate  to  the  service  rendered. 


29 


The  average  sum  annually  received  from  Expresses  during  the  last 
ten  years  has  been  only  $2,506  per  annum,  while  the  fare  of  messen- 
gers three  times  each  way  daily,  at  $2  per  messenger  eacn  way  to  and 
from  Boston,  amounts  annually  to  $3,756.  Deduct  one  third  of  this 
amount  as  the  proportion  of  the  lower  roads,  and  there  remains  the 
sum  of  $2508,  which  your  road  would  have  received  per  annnm  as 
the  fare  of  messengers,  reckoning  only  one  messenger  to  each  train  ‘ 
so  that  the  Boad  have  actually  carried  the  messengers  and  the  large 
amount  of  freight  daily  transported  by  the  Expresses  over  it  to  and 
from  all  the  upper  Roads,  for  less  than  the  regular  fare  of  the  mes- 
sengers alone  would  have  been  ! 

The  result  is  similar,  but  worse  for  the  road,  looking  at  the  freight 
alone,  without  regard  to  the  messengers.  Estimating  the  Express 
Freight  at  an  average  of  only  one  ton  per  train  daily  — and  it  is  be- 
lieved this  estimate  hardly  approximates  the  average  amount  actually 
carried  — the  number  of  tons  transported  daily  to  and  from  Boston 
is  six,  which  at  $4  per  ton  is  $24  per  day,  or,  deducting  one  third  as 
the  proportion  of  lower  roads,  $16  per  day,  amounting  for  a year  to 
$5,008,  or  nearly  double  the  average  annually  received  from  Ex- 
presses for  the  last  ten  years  ! Admitting  the  correctness  of  the 
foregoing  estimate  of  the  average  daily  weight  of  Express  matter, 
the  Concord  Road  for  the  last  ten  years  has  carried  freight  for  the 
Express  by  its  passenger  trains  at  about  half  the  usual  charge  for 
first  class  freight  by  its  own  freight  trains,  and,  as  an  inducement  to 
obtain  this  patronage,  transported  a messenger  with  each  train  to  see 
to  its  safe  delivery  ! And  yet,  your  Committee  are  informed  that  no 
written  contract  now  exists  on  this  subject,  nor  have  they  been  able 
to  learn  that  any  has  ever  existed,  but  the  whole  matter  seems 
always  to  have  been  left,  as  it  now  is,  to  the  discretion  and  liberality 
of  the  Express  Company  themselves,  under  some  understanding 
among  them  probably  as  to  the  rate  of  compensation,  but  what,  is 
unknown  to  your  Committee. 

The  question  of  the  sufficiency  of  the  compensation  paid  to  your 
Road  by  the  Express  has  recently  engaged  the  attention  of  the  Di- 
rectors of  both  the  associated  Roads,  as  will  be  seen  by  the  statement 
of  the  Superintendent  in  Table  No.  22,  which  explains  the  present 
condition  of  this  department  of  the  affairs  of  the  Road. 

Table  No.  20  likewise  presents  an  exhibit  of  the  amounts  annual- 
ly received  by  your  Road  for  carrying  the  United  States  Mails  dur- 
ing the  last  twelve  years.  The  average  for  the  last  four  years  was 
only  about  $4000  per  annum.  As  the  best  evidence  of  the  inade- 


30 


quacy  of  this  price,  it  may  be  stated  that  the  contracts  have  recently 
been  renewed  on  much  more  favorable  terms.  By  reference  to  the 
statement  of  your  Superintendent  in  Table  No.  23,  it  will  be  seen 
that  the  aggregate  increase  of  income  to  both  Hoads  from  the  new 
contracts  is  $2710  per  annum. 

Inadequate  Compensation  for  other  Services. 

Bents,  Expresses  and  Mails  are  not  the  only  departments  in  which, 
in  the  opinion  of  your  Committee,  the  Concord  Road  has  been  poorly 
paid  for  its  services  during  the  few  past  years.  By  a kind  of  usage, 
that  probably  grew  up  in  the  infancy  of  the  upper  roads,  but  which 
has  no  foundation  in  reason  or  justice,  your  Road  has  been  accustom- 
ed to  do  all  the  work  required  in  shifting  out,  making  up  and  arrang- 
ing at  Concord  the  freight  trains  to  and  from  the  upper  roads.  A 
careful  examination  of  this  subject  by  your  Superintendent  has 
shown  that  the  daily  expense  of  this  service  is  equal  to  that  of  run- 
ning an  ordinary  freight  train  from  Concord'  to  Nashua  and  back  — 
and  yet  for  all  this  not  a single  cent’s  compensation  is  or  ever  was 
received.  Your  Road  performs  the  same  service  at  Nashua  and  Law- 
rence, and  is  thus  subjected  to  the  whole  of  a very  considerable  bur- 
den that  should  only  be  shared  with  connecting  roads. 

The  New-Hampshire  Central  Road  has  never  paid  the  Concord 
Road  anything  for  loading  and  unloading  freight,  or  for  depot  ac- 
commodations at  Manchester.  So  also  considerable  sums  have  been 
annually  paid  by  the  Concord  Road  to  the  lower  roads  for  handling 
freight  to  and  from  the  upper  roads,  which  has  not  been  received 
back  in  any  shape  from  those  upper  roads. 

But  the  chief  difficulty  in  the  way  of  compensation  has  been  and 
is  in  the  small  pay  received  for  doing  business  for  the  upper  roads, 
especially  for  the  tonnage  from  the  Vermont  Central  and  roads  be- 
yond it.  It  has  already  been  shown  in  Table  No.  3 that  the  propor- 
tion of  passengers  to  freight  on  the  Concord  Road  is  very  much 
smaller  than  upon  the  principal  roads  in  Massachusetts,  as  exhibited 
in  subsequent  tables,  and  that  this  proportion  has  been  diminishing 
from  year  to  year.  In  Table  No.  24  will  be  found  a statement  ot 
the  number  of  passengers  and  the  number  of  tons  freight,  both  local 
and  in  connection  with  upper  roads,  on  the  Concord  Road,  during  the 
fourteen  years  of  its  operation.  Table  No.  25  contains  a statement 
of  the  compensation  received  by  the  Concord  Road  in  July,  1857, 
from  each  of  the  upper  roads,  for  the  transportation  of  passengers 
and  freight  therefrom  and  thereto  over  the  whole  length  of  each  of 


31 


the  associated  roads.  For  parts  of  the  whole  length  the  compensa- 
tion received  was  proportionally  less.  Table  No.  26  contains  a state- 
ment of  the  local  passenger  and  freight  tariffs  upon  the  Concord 
Road  from  its  opening  until  December  1,  1857.  By  a comparison 
of  the  two  last  tables,  deducting  about  one  third  of  the  local  tariff 
for  passengers  and  about  one  quarter  of  that  for  freight  as  the  pro- 
portion of  lower  roads,  the  difference  in  profit  to  the  Concord  Road 
between  local  and  upper  road  business  will  be  apparent. 

This  difference  is,  however,  much  more  striking  on  freight  than 
upon  passengers.  For  an  illustration  : the  local  tonnage  upon  the 
Concord,  Manchester  & Lawrence  Roads,  for  the  eight  months  ending 
July  31,  1857,  was  60,955  tons,  equal  to  1,370,686  tons  carried  one 
mile.  The  compensation  received  for  transporting  it  was  $91,419.78, 
equal  to  $1.50  per  ton,  or  6.66  cents  for  each  ton  carried  one  mile. 
The  tonnage  in  connection  with  all  the  upper  roads  for  the  same 
eight  months  was  132,308  tons,  equal  to  4,758,242  tons  carried  one 
mile.  The  compensation  received  for  it  at  the  established  rates  was 
$103,811.54,  equal  to  78  cents  per  ton,  or  2.18  cents  for  each  ton 
carried  one  mile  — showing  a difference  of  almost  four  and  a half 
cents  per  ton  transported  one  mile,  or  more  than  two  hundred  per 
cent,  between  the  compensation  received  for  local  tonnage,  and  that 
received  for  tonnage  from  the  upper  roads. 

Again,  the  average  expense  of  transporting  a passenger  or  ton 
one  mile  upon  the  Concord  Road  for  the  last  seven  years,  as  shown 
in  Table  No.  3,  was  1.74  cents,  and  of  two  passengers  or  tons,  double 
that  amount,  or  3.48  cents.  Now  assuming,  what  is  probably  not 
far  from  the  truth,  that  the  cost  of  transporting  a ton  of  freight  is 
double  that  of  a passenger,  then  the  average  cost  of  transporting  a 
passenger  one  mile  on  the  Concord  Road,  for  the  last  seven  years, 
may  be  set  down  as  1.16  cents, -and  that  of  a ton  of  freight  at  2.32 
cents.  But  it  has  already  been  seen  that  the  associated  roads  re- 
ceived at  the  regular  rates  for  transporting  the  freights  of  all  the 
upper  roads  for  the  eight  months  ending  July  31,  1857,  only  2.18 
cents  per  ton  transported  one  mile.  It  follows,  therefore,  that  there 
was  received  for  transporting  all  the  tonnage  of  the  upper  roads  dur- 
ing those  eight  months,  fourteen  hundredths  of  a cent  less  per  ton 
transported  one  mile  than  the  average  cost  per  ton  per  mile  of  such 
transportation  on  the  Concord  Road  during  the  last  seven  years  ! It 
is  very  clear  that  the  only  principle  on  which  a road  could  make 
money  by  doing  business  on  such  terms,  must  be  the  same  to  which 
the  old  lady,  who  purchased  eggs  at  ninepence  a dozen,  and,  after 


32 


cooking  and  buttering  them  well,  sold  them  again  for  twelve  cents, 
attributed  her  success  — that  of  doing  a great  deal  of  it ! 

But  the  view  of  this  matter  which  has  already  been  taken  is  not 
the  worst  that  can  be  presented.  You  will  remember  that  for  sev- 
eral years  past,  in  the  annual  reports  of  your  Directors,  considerable 
sums  have  been  deducted  from  the  nominal  balance  of  earnings  for 
the  year,  as  paid  to  the  Northern  Boad  on  contract  for  through  busi- 
ness. By  this  through  business  was  meant  that  coming  from  the 
Vermont  Central  Road,  and  its  connections  farther  north  and  west. 
Now,  of  the  whole  amount  of  freight  transported  for  the  upper  roads, 
in  the  eight  months  ending  July  31,  1857,  132,308  tons,  76,833 
tons,  or  more  than  one  half,  was  this  through  business  from  the  Ver- 
mont Central  Road  and  its  connections.  The  amount  received  for 
transporting  these  76,833  tons  was  $52,350.76,  or  about  66  cents 
per  ton.  The  tons  transported  one  mile  have  not  been  obtained,  but 
a very  large  proportion  of  it  passed  the  entire  length  of  the  associ- 
ated roads,  so  that  the  compensation  received  per  ton  transported 
one  mile  must  have  been  very  much  less  then  two  cents.  Of  the 
whole  76,833  tons  for  eight  months,  9,943  tons  were  transported 
in  July,  at  a compensation  of  $5,193.94.  During  the  same  month  of 
July,  the  associated  roads  transported  for  the  Boston,  Concord  & 
Montreal  Road,  on  the  same  terms  as  for  the  other  upper  roads,  ex- 
cept the  Vermont  Central  and  its  connections,  2,074  tons,  at  a com- 
pensation of  $2,450.31.  Had  the  same  compensation  per  ton  and 
mile  been  received  for  transporting  the  Vermont  Central  freight  as 
was  received  for  that  from  the  Montreal  Road,  instead  of  $5,193.94, 
the  associated  roads  would  have  received  $11,743.07,  a difference  of 
$6,653.13,  in  a single  month  only.  This  difference  carried  through 
the  year  would  amount  to  at  least  two  per  cent,  on  the  capital  stock 
of  both  the  associated  roads,  including  the  Methuen  branch  ! 

It  seems  to  your  Committee  a subject  deserving  the  serious  and 
active  consideration  of  your  Directors,  whether  an  arrangement,  so 
clearly  unprofitable  to  the  pecuniary  interests  of  the  associate  roads, 
as  that  under  which  a very  large  portion  of  this  Vermont  Central 
through  business  is  transacted,  unless  essentially  modified,  ought  long- 
er to  be  continued.  It  is  understood  that  while  some  of  the  busi- 
ness from  this  line  and  such  as  would  naturally  seek  it,  is  profitable, 
the  larger  portion  of  it  pays  almost  absolutely  nothing  to  the  associat- 
ed roads.  Contracts  are  entered  into  by  the  numerous  and  often 
irresponsible  runners  of  the  Central  line  and  its  connections,  for  the 
transportation  of  merchandise  at  points  where  there  is  direct  and 


i 


33 


bitter  competition  with  other  lines  of  communication,  at  prices  ab- 
solutely ruinous,  and  your  road  is  obliged,  by  contract  or  understand- 
ing, to  receive  its  pro  rata  proportion  of  such  ruinous  prices  only. 
Your  Committee  are  decidedly  of  opinion  that  it  would  be  absolutely 
better  for  your  road  to  transact  only  the  business  which  it  can  obtain 
at  fairly  remunerative  prices,  than,  by  becoming  a party  thereto,  to 
encourage  and  perpetuate  a reckless  system  of  competition  and  irregu- 
lar traffic,  too  frequently  carried  on  at  less  price  to  the  forwarder  or 
shipper  of  Western  produce  or  foreign  commodities,  than  the  actual  cost 
to  the  railroad  companies  over  which  the  one  or  the  other  are  trans- 
ported. 

There  are  other  matters,  such  as  too  great  multiplicity  of  trains 
and  too  great  rapidity  of  speed,  wherein  the  interests  of  the  Concord 
Road  do  not  seem  heretofore  to  have  been  very  effectually  guarded 
or  protected,  but  which  your  Committee  have  not  time  to  particular- 
ize. 

Condition  of  the  Corporation . 

In  Table  No.  27  will  be  found  a statement  of  the  present  pecuniary 
condition  of  your  road,  as  shown  by  the  trial  balance  of  your  Treas- 
urer on  the  30th  September  last,  and  which  may  be  implicitly  relied 
upon  as  strictly  correct.  It  will  be  seen  that  the  corporation  had  a 
considerable  contingent  fund  after  discharging  all  its  indebtedness, 
but  as,  owing  to  the  construction  of  expensive  Depots  at  Manchester, 
the  amount  of  wood,  and  stock  in  the  Machine  Shops  on  hand  and 
credited  to  the  associated  roads  was  much  larger,  the  road  would  be 
under  the  necessity  of  borrowing  for  a short  time  a portion  of  the 
money  wherewith  to  pay  its  next  dividend.  This  it  must  continue 
to  do  at  the  recurrence  of  every  dividend,  until  the  surplus  of  earn- 
ings, carried  to  contingent  fund,  shall  be  equal  to  the  amount  of  stock 
on  hand.  As  this  money  is  obtained  for  six  per  cent.,  the  only  practi- 
cal result  is,  that  the  road  is  obliged  to  pay  simple  interest  for  a few 
months  on  a portion  of  its  stock  on  hand,  instead  of  receiving  interest 
from  month  to  month  on  the  earnings  as  they  accrue,  until  they  are 
divided  among  the  stockholders. 

Operation  of  the  Lease. 

Your  Committee  have  observed  with  much  care,  and  marked  with 
diligent  attention  the  effect,  during  the  last  ten  months,  upon  your 
interests,  of  the  lease  of  the  Manchester  and  Lawrence  road,  which 
you  so  decidedly  and  unhesitatingly  approved  at  your  last  annual 
meeting.  Not  only  are  they  satisfied  that  its  operation  has  been 
3 


34 


beneficial,  but  they  are  fully  convinced  that,  if  it  had  not  been  enter- 
ed into,  but  the  inevitable  competition  of  rival  and  antagonist  routes 
had  continued  to  exist  between  the  two  roads,  as  heretofore,  in  the 
general  decline  of  business  and  travel,  resulting  from  the  financial 
and  commercial  crisis  through  which  the  whole  country  is  now  pass- 
ing, the  result  must  have  been  disastrous  to  both.  In  their  belief, 
to  this  lease  and  the  consequent  change  in  the  management  of  your 
property  incident  thereto,  are  you  mainly  indebted  for  the  dividend 
already  earned  upon  your  stock,  and  still  more  emphatically  will  you 
be  indebted  to  the  same  causes  for  that  of  the  next  six  months,  if 
one  shall  be  obtained.  In  their  deliberate  judgment,  every  considera- 
tion of  wisdom  and  prudence  should  induce  the  stockholders  of  both 
roads  never  to  rest  satisfied  until  the  temporary  union  now  existing 
shall  be  made  perpetual.  Besides  an  annual  saving  of  five  or  six  thous- 
and dollars  unnecessary  expense  growing  out  of  the  maintenance  of 
a double  organization,  such  a consummation  is  the  only  sure  guarantee 
of  the  permanent  value  and  constant  productiveness  of  the  stock  of 
either  road.  With  it,  under  proper  management,  and  with  that 
rigid  economy  indispensable  to  the  continued  success  of  any  enterprise, 
the  whole  property  is  not  less  valuable,  or  less  certain  to  produce 
ample  returns,  than  any  other  in  New-England. 

Prospects  of  the  Road. 

In  Table  No.  28  are  given  the  detailed  results  of  the  business  of 
the  associated  roads  to  Sept.  30,  1857,  during  ten  months’  opera- 
tion of  the  lease,  and  in  Table  No.  29  the  same  results  for  the  six 
months  ending  Sept.  30,  1857.  It  will  be  seen  that  during  the  six 
months,  there  were  earned  $101,742.87  net,  a fraction  more  than  four 
per  cent,  on  the  entire  capital  stock  of  both  roads,  as  fixed  by  the 
lease  at  $2,500,000,  after  paying  six  months’  rent  of  the  Methuen 
Branch.  The  net  earnings  for  the  ten  months  were  $161,025.33,  or 
almost  7J.per  cent,  for  the  ten  months  on  the  capital  stock  of  both 
roads,  as  fixed  in  the  lease  at  $2,500,000,  and  the  leased  value  of 
the  Methuen  Branch,  $110,000,  in  all  $2,610,000;  every  dollar  of 
which  has  been  paid  in  cash  to  the  Treasurers  of  the  associated  roads. 

During  the  ten  months,  two  first  class  engines,  costing  $17,750, 
were  paid  for  and  charged  into  the  current  expenses,  and  the  sum  of 
$9,135.78  was  paid  on  account  of  damages,  all  but  $500  of  which 
accrued  prior  to  the  commencement  of  the  lease,  thus  adding 
$8,635.78  to  the  running  expenses  which  had  no  legitimate  place 
there.  Deducting  this  latter  sum,  and  half  the  cost  of  the  two  en- 


35 


gines  from  the  expenses  of  the  ten  months,  or,  what  has  the  same 
effect,  adding  to  the  $161,025.33,  net  earnings  for  ten  months,  as 
stated  in  Table  No.  29,  the  $8,635.78,  paid  for  damages  occurring 
prior  to  the  lease,  and  $8,875,  one  half  the  sum  paid  for  the  two 
new  engines,  the  amount  of  the  net  earnings  for  the  ten  months  was 
$178,536.11.  This  exceeds,  by  $4,536.11,  eight  per  cent,  interest 
for  ten  months  on  the  entire  capital  of  both  roads,  as  fixed  in  the 
lease,  and  the  value  of  the  Methuen  branch ) so  that  the  net  earn- 
ings for  the  ten  months  have  actually  exceeded  eight  per  cent,  for 
the  time  on  the  entire  capital  of  both  roads  and  the  Methuen  branch. 

This  result,  too,  has  been  accomplished  while  the  business  has 
fallen  off,  compared  with  last  year,  $20,913.76  in  the  six  months 
ending  Sept.  30,  1857,  and  within  the  ten  months  ending  at  that 
date,  to  the  amount  of  $26,855.12.  From  this  last  amount  it  is  be- 
lieved at  least  $21,750  would  have  been  clear  gain,  had  it  been  re- 
ceived, so  that  had  the  business  this  year  been  the  same  as  last,  with 
no  extra  expenditures,  it  is  not  too  much  to  say  that  the  earnings  for 
the  ten  months  would  have  been  more  than  at  the  rate  of  nine  per 
cent,  on  the  entire  capital  invested  in  both  lines  of  the  Associated 
Roads. 

Nor  have  the  track,  depots  or  furniture  been  permitted  to  deterio- 
rate. The  expenses  for  road  repairs  will  be  seen  to  have  been  very 
large.  More  than  eight  hundred  tons  of  new  rails,  including  those 
re-rolled,  have  been  laid  down,  besides  those  welded  in  the  Repair 
Shop  of  the  Roads.  Probably  the  expenditures  for  road  repairs 
have  been  double  for  the  last  six  months  what  they  will  need  be  for 
the  next  six.  More  than  $5,500  have  been  expended  in  depot  re- 
pairs, and  nearly  $3000  on  bridge  repairs.  The  engines,  cars,  depots, 
track,  and  every  thing  connected  with  the  road,  are  confidently  be- 
lieved never  to  have  been  in  better  condition  than  they  now  are. 

While  the  receipts  per  mile  run  of  trains  the  last  ten  months  have 
been  only  $1.47,  more  than  twelve  cents  per  mile  less  than  the  aver- 
age for  the  last  five  years  upon  your  own  road,  the  expense  per  mile 
run  has  been  more  than  fourteen  cents  less  than  the  average  upon 
your  road  for  the  last  five  years,  and  the  net  profit  per  mile  run  more 
than  two  cents  greater.  The  proportion  of  expenses  to  receipts  for 
the  ten  months  was  59  per  cent.,  and  for  the  last  six  months  58  per 
cent.,  against  an  average  of  nearly  66  per  cent,  on  your  own  road  for 
the  last  four  years. 

The  receipts  per  passenger  or  ton  carried  one  mile  during  the  last 
ten  months  have  been  3.17  cents,  against  an  average  of  2.65  cents 


86 


for  the  last  three  years  on  your  own  road,  while  the  expenses  have 
been  1.88  cents,  against  an  average  of  1.78f  cents,  for  the  three 
years,  and  the  net  profits  1.29  cents,  against  an  average  for  the  last 
three  years  of  0.87  cents  on  your  own  road. 

From  these  comparisons  it  will  he  seen,  that  while,  owing  to  the 
falling  off  in  business,  the  receipts  per  mile  run  of  trains  have  been 
less,  and  the  expenses  per  passenger  or  ton  greater,  the  proportion  of 
expenses  to  receipts  has  been  diminished,  and  the  net  profit  has  been 
increased,  as  well  by  a diminution  in  the  expense  of  running  the 
trains,  as  by  an  increase  of  the  compensation  received  per  mile  for 
the  transportation  of  a passenger  or  ton. 

In  the  opinion  of  your  Committee,  while  all  that  was  desirable  has 
not  been  accomplished  in  the  reduction  of  expenses  during  the  last 
ten  months,  all  has  been  effected  that  could  reasonably  be  expected, 
under  the  embarrassing  and  almost  disheartening  circumstances  in 
which  your  Superintendent  has  been  placed.  They  cheerfully  bear 
witness  to  the  constant  industry,  unfaltering  zeal  and  untiring  perse- 
verance with  which  he  has  devoted  himself,  from  early  morning  until 
late  at  night,  to  the  interests  and  welfare  of  the  associated  roads.  His 
labors  have  been  unceasing,  and  whatever  the  efforts  of  one  man, 
under  the  difficulties  and  embarrassments  of  his  position  and  of  the 
times,  could  do,  has  been  done.  Under  other  circumstances, 
more  would  undoubtedly  have  been  at  once  accomplished.  It  is 
always  difficult  to  change  firmly  established  habits  and  practices. 
Especially  is  it  difficult  to  economize  after  long  indulgence  in  extrav- 
agance and  prodigality.  What  is  true  of  an  individual,  is  doubly  so 
of  a corporation  ; particularly  when  its  executive  head  is  in  any  way 
restrained  or  controlled  in  efforts  for  reform  by  adverse  influences. 
Under  all  these  considerations,  too  much  commendation  can  hardly 
be  given  Mr.  Gilmore  for  the  results  that  have  already  been  real- 
ized, while  your  Committee  feel  confident  the  future  will  develop 
others  still  more  satisfactory  and  convincing. 

Among  other  reforms  recently  inaugurated,  but  the  fruits  of  which 
are  not  yet  apparent,  besides  a general  reduction  of  the  wages  of  all 
the  men  employed  by  the  roads,  is  a reduction  of  the  rate  of  speed 
for  both  passenger  and  freight  trains,  and  a diminution  of  the  num- 
ber of  trains  for  the  conveyance  of  both  freight  and  passengers. 
This  change  cannot  but  prove  beneficial  in  more  respects  than  one. 
Not  only  will  the  expenses  of  transportation  be  thereby  diminished, 
but  the  liability  to  accidents  and  serious  damages  therefrom  will,  to 
a great  extent,  be  avoided,  and  the  wear  and  tear  of  both  track  and 


37 


machinery  be  greatly  lessened.  This  wear  and  tear  is  in  proportion 
to  the  momentum  of  the  trains,  and  their  momentum  is  in  propor- 
tion to  their  weight  multiplied  by  their  velocity.  Thus,  suppose  a 
passenger  train  for  the  accommodation  of  two  hundred  passengers, 
weighs,  including  the  cars,  engine  and  tender,  one  hundred  and 
twenty-five  tons,  and  moves  at  the  rate  of  thirty  miles  an  hour  — its 
momentum  would  be  thirty-seven  hundred  and  fifty  tons — while,  if  the 
same  train  moved  only  twenty  miles  per  hour,  its  momentum  would  be 
only  twenty-five  hundred  tons.  So  if  a freight  train,  with  two  hun- 
dred tons  of  merchandize,  weigh,  including  cars,  engine  and  tender, 
five  hundred  tons,  and  move  twenty  miles  an  hour,  its  momentum 
will  be  ten  thousand  tons.  If  the  same  train  move  but  ten  miles  an 
hour,  its  momentum  will  be  only  five  thousand  tons.  It  must  be 
clear  to  every  mind  that  vastly  less  damage  and  less  destruction  of 
the  superstructure  and  rolling  stock  of  a road  must  follow  from 
the  same  trains  driven  at  the  lower  rate  of  speed  than  at  the  higher. 

Accounts  in  the  Superintendents  Office . 

Your  Committee  have  examined  with  the  highest  satisfaction  the 
books  in  the  Superintendent’s  office  and  the  various  departments  con- 
nected therewith.  Nothing  can  exceed  the  method  and  exactness 
with  which  every  item  of  receipt  and  expenditure,  however  trifling 
or  minute,  is  extended  upon  the  record,  and  so  classified  and  arrang- 
ed that  at  the  close  of  every  month  all  the  diversified  operations  of 
the  Road  are  compressed  under  a few  heads,  and  the  aggregate  result, 
as  to  earnings  and  expenditures,  shown  with  a minuteness  and  cer- 
tainty almost  absolutely  incapable  of  error.  Trial  balances  are  taken 
and  preserved  monthly  with  the  same  particularity  as  at  the  close  of 
the  year,  and  at  the  end  of  every  six  months  an  accurate  inventory 
and  appraisal  of  the  stock  on  hand  serves  to  correct  any  possibility 
of  error  in  the  results  for  that  period. 

What  is  true  of  the  general  business  arrangements  of  the  road, 
may  be  said  of  the  freight  and  passenger  departments  and  the  repair 
shops  separately.  The  whole  operations  of  the  Road  are  so  system- 
atized, and  there  is  such  a perfect  arrangement  of  checks  and  balan- 
ces in  each  department  and  throughout  the  whole,  that  errors  or  mis- 
takes are  hardly  possible  — while  at  the  same  time  every  thing  is  so 
simplified  as  to  be  perfectly  intelligible  to  any  one.  If  any  stock- 
holder has  doubts  as  to  the  entire  correctness  of  the  statements  of 
the  doings  of  the  associated  roads  during  the  last  six  or  ten  months, 
half  an  hour’s  examination  of  the  books  and  papers  in  the  Superin- 


38 


tendent’s  office  will  remove  them.  They  are  at  all  times  open  to'  in- 
spection by  any  stockholder,  and  will  be  exhibited  with  the  greatest 
pleasure. 

Your  Committee  have  received  during  their  labors  every  aid  and 
facility  in  his  power  to  render  from  your  Superintendent,  and  they 
cannot  omit  to  express  their  obligations  to  him  therefor,  with  their 
thanks  to  Messrs.  C.  E.  Twombly,  Clerk,  J.  R.  Kendrick,  Master 
of  Transportation,  G.  G.  Sanborn,  Ticket  Master,  and  John  Kim- 
ball, Master  Mechanic,  for  their  uniform  courtesy,  as  well  as  much 
valuable  statistical  information  furnished  by  them.  They  are  also 
indebted  to  many  other  individuals,  now  and  heretofore  connected 
with  your  Road,  for  important  facts  and  suggestions,  particularly  to 
James  W.  Sargent,  Esq.,  late  Superintendent’s  Clerk. 

Conclusion. 

Before  closing  a Report  which  they  fear  is  already  too  extended, 
but  which  they  have  not  had  time  to  abbreviate,  your  Committee 
take  the  liberty  of  renewedly  urging  upon  your  consideration  the  im- 
portance of  a thorough  retrenchment  of  expenses,  and  the  most  rigid 
economy  consistent  with  prompt  and  efficient  action,  in  every  depart- 
ment of  the  operations  of  the  associated  roads.  Experience  has  de- 
monstrated the  fallacy  of  the  idea  that  railroads  are  bound  to  pay, 
however  managed,  and  with  it  the  absurdity  of  the  equally  ridiculous 
notion,  that  low  rates  for  the  transportation  of  passengers  and  freight 
are  in  the  end  more  productive  than  higher  ones.  It  has  shown  that 
the  projectors  and  first  managers  of  our  railroads  grossly  underesti- 
mated, not  only  the  original  cost  of  these  undertakings,  but  the  con- 
stant, never-ceasing  burden  of  repairs  and  working  expenses.  Com- 
mencing with  every  thing  new  and  perfect,  they  did  not  make  proper 
allowances  for  the  accelerating  influences  of  time  and  use  in  hasten- 
ing the  destruction  and  promoting  the  decay  of  the  entire  superstruc- 
ture and  rolling  stock.  They  generally  failed  to  provide  effectual 
protection  against  the  frauds  and  dishonesty  of  their  own  officers  and 
agents,  or  to  make  sufficient  allowance  for  losses  from  that  source,  or 
from  those  casualties  inseparable  from  railway  transportation.  But 
the  greatest  evils  in  railroad  management  have  resulted  from  the 
impression,  that  whoever  had  any  thing  to  do  with  one  was  entitled 
to  the  largest  possible  compensation  for  the  smallest  possible  amount 
of  productive  labor  performed  — the  amount  of  pay  increasing  in 
inverse  proportion  as  the  useful  services  rendered  diminished.  This 
has  been  the  secret  of  short  dividends  and  depreciated  stock,  and 


89 


this  the  stockholders  themselves  must  correct,  if  it  shall  be  corrected. 
Let  every  officer  and  agent  of  the  associated  roads  be  held  to  a 
strict  accountability  to  see  to  it,  that  the  largest  practicable  amount 
of  productive  labor  is  in  all  cases  obtained  for  the  smallest  reasona- 
ble compensation,  and  that  the  largest  possible  beneficial  results  are 
accomplished  with  the  smallest  practicable  amount  of  labor,  and  all 
will  be  well.  Let  this  be  done,  and  your  stock  will  ere  long  com- 
mand and  maintain  that  high  position,  as  a sound  and  amply  remu- 
nerative dividend-paying  investment,  which  the  location  and  natural 
advantages  of  your  road  and  the  large  amount  of  business  it  must 
always  secure,  abundantly  entitle  it  to  hold. 

From  their  observations  during  the  last  six  months,  your  Commit- 
tee are  entirely  satisfied  the  daily  attendance  of  your  President  upon 
the  operations  of  the  associated  roads,  is  not  necessary,  in  addition 
to  the  indefatigable  labors  of  your  Superintendent.  They  therefore 
recommend  the  abolishment  of  the  present  high  salary  of  that  officer, 
and  that  he  be  allowed  instead  thereof  a moderate  per  diem  compen- 
sation for  the  time  necessarily  devoted  by  him  to  the  affairs  of  the 
roads,  or  that  such  fixed  salary,  not  exceeding  five  hundred  dollars 
per  annum,  as  the  two  Boards  of  Directors  may  think  adequate  to 
the  services  required,  be  paid  him.  They  would  also  suggest  to 
those  Directors  the  necessity  of  so  increasing  the  discrimination,  in 
favor  of  passengers  who  purchase  tickets  before  taking  their  seats, 
over  those  who  neglect  to  do  so,  as  to  secure  an  entire  discontinu- 
ance of  the  inconvenient  and  unsatisfactory  practice  of  paying  fare 
in  the  cars,  and  that  all  conductors  be  required,  under  penalty  of 
instant  dismissal  from  service,  to  enforce  such  discrimination,  and 
yield  strict  obedience  to  the  laws  of  the  State  prohibiting  free  riding. 
They  would,  moreover,  urge  upon  those  Directors  a persistent  adher- 
ence to  the  low  rates  of  speed  recently  adopted  for  both  passenger 
and  freight  trains,  and  the  adoption  of  an  inflexible  rule,  that  here- 
after the  fewest  possible  trains  be  run,  compatible  with  the  reasona- 
ble accommodation  of  the  public  and  the  business  to  be  transacted 
over  their  roads. 

All  which  is  most  respectfully  submitted. 

ASA  FOWLER,  \ Committee 
SETH  EASTMAN,  [ of 
HIRAM  BROWN,  ) Investigation. 

November  9,  1857. 


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TABLE  No.  4.  — OPERATIONS  OF  MASSACHUSETTS  RAILROADS  — THIRTEEN  YEARS. 


44 


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47 


TABLE  No.  7. 


SHOWING  EXPENSES  OF  FUEL,  OIL,  &c.,  PER  MILE 
RUN  BY  TRAINS  ON  CONCORD  RAILROAD  FROM  1843 
TO  1856  INCLUSIVE  — FOURTEEN  YEARS. 


Years. 

Miles  run.  | 

Fuel  and  Oil. 

Expenses  per  mile  run. 

1843 

138,528 

DOLLARS. 

8,864.16 

CENTS. 

.06+ 

1844 

127,296 

9,704.51 

.07+ 

1845 

124,696 

10,813.08 

.08+ 

1846 

143,251 

17,256.06 

.12+ 

1847 

199,955 

18,846.54 

.09+ 

1848 

195,500 

24,625.55 

.12+ 

1849 

164,508 

26,728.75 

.16+ 

1850 

176,296 

34,377.02 

.19+ 

1851 

184,988 

40,320.40 

.21+ 

1852 

180,000 

36,734.13 

.20+ 

1853 

202,898 

42,427.62 

.20+ 

1854 

214,708 

48,840.30 

.22+ 

1855 

218,094 

46,428.61 

.21+ 

1856 

213,973 

44,069.06 

.20+ 

Average  cost  of  fuel  and  oil  per  mile  of  trains  run 

last  seven  years, 21  cents,  nearly 

Average  cost  of  fuel  and  oil  per  mile  of  trains  run 

seven  years  preceding,  . . 10 J cents,  nearly. 


48 


TABLE  No.  8. 


SHOWING  THE  COST  OF  MAINTENANCE  OF  WAY,  AND 
EXPENSES  OF  ENGINES  AND  CARS,  &c.,  ON  THE 
CONCORD  RAILROAD  FROM  1847  TO  1856  INCLU- 
SIVE-TEN YEARS. 


Years. 

Miles  run  by 
trains. 

Way. 

Do.  per 
mile. 

Engines  & Cars. 

Do.  per 
mile. 

Total 

both 

p’rm. 

1847 

199,955 

DOLLARS, 

25,264.24 

CENTS. 

12+ 

DOLLARS. 

17,025.00 

CENTS. 

08+ 

CTS. 

21 

1848 

195,500 

29,378.75 

15+ 

15,500.00 

07+ 

23 

1849 

164,508 

28,123.51 

17+ 

25,919.40 

15+ 

33 

1850 

176,296 

38,139.35 

21+ 

33,184.38 

18+ 

40 

1851 

184,988 

38,609.83 

20+ 

33,235.42 

17+ 

38 

1852 

180,000 

41,974.28 

23+ 

32,702.01 

18+ 

42 

• 1853 

202,898 

34,775.87 

59,505.46 

17+ 

52,212.39 

25+ 

43 

1854 

214,708 

27+ 

48,038.11 

22+ 

50 

1855 

218,094 

50,473.94 

23+ 

45,163.75 

20+ 

44 

1856 

213,973 

60,181.71 

28+ 

33,922.03 

15+ 

44 

Average  annual  expenditure  per  mile  run  for  maintenance  of  Way 
and  Motive  Power  for  the  last  five  years,  44§  cents  ; for  the  five  years 
next  preceding,  31  cents ; for  maintenance  of  Way  alone  the  last 
five  years,  24  cents;  the  preceding  five  years,  174  cents;  for  Motive 
Power  alone  during  the  last  five  years,  204  cents ; during  the  pre- 
ceding five  years,  13J  cents. 


SHOWING  THE  COST  OF  MAINTENANCE  OF  WAY  AND  FOR  ENGINES  AND  CARS  ON  EACH  OF  THE 
FOLLOWING  ROADS,  PER  MILE  RUN  BY  TRAINS,  FROM  1846  TO  1850  INCLUSIVE— FIVE  YEARS. 


49 


Total  per 
mile. 

"(NOJOiOOCOTfO 

w CO  c4  rH  l>.*  rji  oi 

Do.  per 
mile. 

•®COW5C5«3  0(N(M 

BThNOOSTf 
y rH  r— I 1— I H rl 

Motive  Power. 

DOLLARS. 

$547,651 

355,621 

191,209 

148,356 

296,380 

97,659 

133,136 

109,318 

Do.  per  mile. 

•OfM 

Mo6ic-Jcoc<joc6o 

OHnH  NHHH 

Maintenance  of 
way. 

OHCDNCflO®^ 
(NCOO^^INW 
« r-^  CO  ^ ©^  eo  i>^ 

j o'  -T  o'  of  of  c<T  «o' 

£©<M©O*©rfU0Ci 

Miles  run  by 
trains. 

3,696,713 

2,063,632 

1,812,422 

1,557,937 

1,202,088 

1,356,136 

1,165,079 

901,543 

— — ■ rr 

Roads. 

Western 

Boston  & Worcester 

Boston  & Maine 

Fitchburg 

Boston  & Lowell 

Eastern 

Boston  & Providence 

Old  Colony 

4 


50 


TABLE  No.  10. 


SHOWING  THE  PASSENGER  AND  FREIGHT  EXPENSES 
PER  PASSENGER  AND  TON  OF  LOCAL  FREIGHT,  ON 
THE  CONCORD  RAILROAD,  FROM  1849  TO  1856,  IN- 
CLUSIVE, EIGHT  YEARS  — AS  SHOWN  BY  ANNUAL 
REPORTS. 


Years. 

No.  passen- 
gers. 

Passenger  ex- 
pense. 

Ex.  per 

pass. 

Tons  lo- 
cal frei’t. 

Freight  Ex- 
pense. 

Expense  per  ton. 

1849 

1850 

1851 

1852 

1853 

1854 

1855 

1856 

286,416 

287,470 

266,544 

221,076 

234,994 

248,787 

240,684 

216,266 

DOLLARS. 

11,820.13 

17,691.28 

18,618.40 

13,915.43 

16.392.72 

17,876.65 

17,355.77 

16,745.45 

CENTS. 

.04+ 

.06+ 

.06+ 

.06+ 

.06+ 

.07+ 

.07+ 

.08+ 

85,505 

71,205 

50,827 

46,439 

58,413 

74,727 

81,909 

65,955 

DOLLARS. 

20.862.13 
21,349.10 

24.143.13 
18,085.55 
20,915.67 
23,526.03 
23,909.86 
22,988.09 

.24+  cents. 
.29+  cents. 
.41+  cents. 
.36+  cents. 
.34+  cents. 
.31+  cents. 
.29+  cents. 
.34+  cents. 

51 


TABLE  No.  11. 


STATEMENT  OF  MEN  AT  CONCORD  STATION,  DE- 
CEMBER 1,  1856. 


James  W.  Sargent, 

. 1 mo. 

83.33  ' 

p 

J.  H.  Elliott,  . . 

. 1 mo. 

67.67 

© 

TS 

Geo.  P.  Cummings, 

. 1 mo. 

66.67 

at 

© 

w 

Geo.  G.  Sanborn, 

. . 1 mo. 

50.00 

p. 

B.  Biddle,*  . . . 

. . 27 

2.00 

54.00 

o 

© 

a 

M.  W.  Tandy, 

. . 27 

1.00 

27.00 

o 

O 

P.  R.  McQueston,  . 

. . 27 

1.00 

27.00 

© 

© 

J.  F.  Peters,  . . 

. . 1 mo. 

35.00 

H.  E.  Mirick,  . . 

. . 27 

1.25 

33.75 

a> 

rS 

Michael  Blake, 

. . 27 

1.12* 

30.37 

i 

J.  M.  Jones, . . . 

. . 27 

1.50 

40.50 

<£ 

S.  T.  Trussed, . . 

. . 27 

1.25 

33.75 

OO 

Martin  Cassey,  . . 

. . 27 

1.00 

27.00 

-f 

Robert  Blake,  . . 

. . 27 

.75 

20.25 

a 

ft 

STATEMENT  OF 

MEN  AT  CONCORD  STA- 

TION, 

J.  R.  Kendrick, 

JULY  31, 
. 1 mo. 

1857. 

66.67  ' 

© 

C.  E.  Twombly,  . 

. . 1 mo. 

66.67 

M 

© 

Geo.  G.  Sanborn,  . 

. 1 mo. 

66.67 

£ 

© „ 

B.  Biddle,  . . . 

. . 27 

2.00 

54.00 

to 

•*-'  TT- 
c! 

Michael  Delaney,  . 

. . 27 

1.25 

33.75  | 

TJ  © 

y** 

S.  T.  Trussed, 

. . 27 

1.25 

33.75 

J.  M.  Jones,  . . 

. . 27 

1.50 

40.50 

OO  rO 

Martin  Cassey, 

. . 27 

1.00 

27.00 

CO 

Charles  Whittle, 

. . 27 

1.00 

27.00 

l“5 

$416.01 


Decrease  per  month  in  expenses,  . 
Decrease  per  year  in  expenses,  . . 


. . $179.28 
. . 2,151.36 


52 


TABLE  No.  12. 


STATEMENT  OP  MEN  AT  MANCHESTER  STATION, 
DECEMBER  1,  1856. 


D.  C.  Gould,  . . 

. . 1 

mo. 

83.33 

A.  W.  Thompson, 

. 

27 

1.75 

47.25 

D.  G.  Lull,  . . . 

27 

1.50 

40.50 

W.  B.  Boyce,  . . 

. 

27 

1.25 

33.75 

B.  G.  Gunnison,  . 

27 

1.25 

33.75 

J.  Emerson,  (Sunday,)  . . 

81 

1.00 

31.00 

Wm.  Hagan,  . . 

27 

1.00 

27.00 

Geo.  Kimball,  . . . 

27 

1.00 

27.00 

John  Steele,  . . 

27 

1.00 

27.00 

Thomas  Larkin,  . . 

. . 

27 

1.00 

27.00 

G.  G.  Gordon,  . . 

27 

1.00 

27.00 

Pat.  Judge,  . . . 

27 

.90 

24.30 

Daniel  Garland, 

. . 1 

mo. 

25.00 

L.  Partridge,  . . . 

27 

1.25 

33.75 

John  Griffin, 

31 

1.00 

31.00 

Frank  Tabor,  . . . 

31 

1.00 

31.00 

Francis  Porter,  . . 

27 

1.25 

33.75 

J.  B.  Kendrick,  . . 

. 1 

mo. 

66.67 

C.  H.  Hurlburt, 

. 1 

mo. 

60.00 

$710.05 

STATEMENT  OF 

MEN 

AT 

MANCHESTEB 

STATION 

, JULY  81, 

1857. 

C.  H.  Hurlburt,  . . 

. 1 

mo. 

60.00 

G.  G.  Gordon,  . . 

• « 

27 

1.25 

33.75 

Levi  Partridge,  . . 

• 

27 

1.25 

33.75 

D.  G.  Lull,  . . . 

27 

1.50 

40.50 

Francis  Porter,  . . 

» » 

27 

1.25 

33.75 

Bobert  Gunnison,  . 

# , 

27 

1.25 

33.75 

W.  B.  Boyce, . . . 

. 1 

mo. 

40.00 

$275.50 

Decrease  per  month  in 

. expenses,  . 

$434.55 

Decrease  per  year  in  expenses,  . 

5,214.60 

J.  A.  GILMORE,  Supt., 

By  C.  E.  Twombly. 


53 


TABLE  No.  13. 


STATEMENT  OF  MEN  AT 

NASHUA 

STATION,  DE- 

CEMBER  1,  1856. 

DAYS. 

PRICE. 

am’t. 

0.  F.  Cain,  Nashua,  . . 

27 

1.25 

33.75 

Horace  Buswell,  Nashua,  . 

27 

1.25 

33.75 

D.  S.  Webster,  Nashua, 

27 

1.25 

33.75 

Ezra  Davis,  Nashua,  . . 

27 

1.25 

33.75 

Wm.  Melvin,  Nashua,  . . 

27 

1.00 

27.00 

0.  H.  Gould,  Nashua, 

27 

500.00* 

41.66 

J.  G.  Carlton,  Nashua,  . . 

27 

1.25 

33.75 

F.  M.  Stimson,  Nashua  , . 

27 

1000.00* 

83.33 

Hiram  Buswell,  Nashua, 

27 

1.25 

33.75 

$354.49 

STATEMENT  OF  MEN 

AT 

NASHUA 

STA- 

TION,  JULY 

31, 

1857. 

Horace  Buswell,  .... 

27 

1.25 

33.75 

Hiram  Buswell, .... 

27 

1.25 

33.75 

Daniel  S;  Webster,  . . . 

27 

1.25 

33.75 

Ezra  Davis, 

27 

1.25 

33.75 

L.  M.  Wright,  .... 

27 

1.25 

33.75 

0.  H.  Gould,  ....  1 

mo. 

60.00 

$228.75 


Decrease  per  month  in  expenses, $125.74 

Which  amounts  to  $1,508.88  per  year. 


* Per  year. 


54 


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Average  price  per  day,  . . $1.45 $1.51 $1*5^ 


55 


TABLE  No.  15. 


LAW  EXPENSES  OF  CONCORD  RAILROAD,  FROM  1846  TO 
1857,  INCLUSIVE. 


Year  ending  April  1,  1847. 

F.  Pierce,  $50.00 

Pierce  & Minot,  120.00 

Ira  Perley,  40.00 

Peaslee  & George,  11.00 

221.00 

Year  ending  April  1,  1848. 

F.  Pierce,  40.00 

C.  H.  Peaslee,  77.50 

117.50 

Year  ending  April  1,  1849. 

F.  Pierce,  509.44 

F.  Pierce,  300.00 

Peaslee  & George,  239.29 

Peaslee  & George,  182.50 

C.  H.  Peaslee,  22.50 

C.  H.  Peaslee,  92.00 

1,345.73 

Year  ending  April  1,  1850. 

F.  Pierce,  120.00 

Pierce  & Minot,  320.00 

Peaslee  & George,  79.00 
Peaslee  & George,  163.87 
Sawyer  & Stevens,  30.00 

712.87 

Year  ending  April  1, 1851. 

G.  Y.  Sawyer,  22.67 

J.  H.  George,  36.00 

58.67 

Year  ending  April  1,  1852. 

J.  H.  George,  200.00 

Peaslee  & George,  181.75 
Peaslee  & George,  54.00 
Peaslee  & George,  65.50 
Peaslee  & George,  228.19 
David  Jones,  12.88 

David  Currier,  36.00 

778.32 

Year  ending  April  1,  1853. 

F.  Pierce,  120.00 

Pierce  & Minot,  887.03 

Paine  & Walker,  15.90 

George  & Webster,  200.00 
George  & Webster,  82.00 


J.  H.  George,  152.10 

E.  P.  Parker,  10.00 

Baker  & Peabody,  150.00 

Sawyer  & Stevens,  69.64 

Morrison  & Fitch,  70.00 

Asa  Fowler,  10.00 

H.  A.  Bellows,  200.00 

1,966.67 

Year  ending  April  1,  1854. 

S.  H.  Ayer,  25.00 

George  & Foster,  132.00 

George  & Foster,  472.91 

George  & Foster,  80.00 

J.  H.  George,  200.00 

J.  H.  George,  80.00 

Atherton  & Sawyer,  200.00 

S.  H.  & B.  F.  Ayer,  81.12 

1,271.03 

Year  ending  April  1,  1855. 


George  & Foster, 

120.70 

George  & Foster, 

85.00 

George  & Foster, 

330.00 

George  & Foster, 

230.51 

A.  R.  Hatch, 

151.96 

Josiah  Quincy, 

150.54 

Beard  & Howe, 

86.30 

S.  Dana, 

12.00 

B.  F.  Ayer, 

32.07 

B.  F.  Ayer, 

17.07 

D.  & D.  J.  Clark, 

200.00 

1,416. 

Year  ending  April  1,  1856.* 

Sawyer  & Stevens, 

64.00 

Asa  Fowler, 

54.00 

George  Minot, 
George  Minot, 

65.00 

75.00 

G.  Marston, 

120.00 

Ira  Perley, 

200.00 

J.  C.  Moore, 

30.00 

George  & Foster, 

75.00 

George  & Foster, 

220.90 

George  & Foster, 

259.73 

James  Bell, 
Josiah  Quincy, 

150.00 

25.00 

S.  Dana, 

25.00 

1,363.63 


* Considerable  portion  of  the  payments  for  1855,  6 and  7,  were  for  services  in  relation  to 
the  bill  for  the  union  of  the  Concord  and  Manchester  & Lawrence  Roads,  and  the  lease  of 
those  roads. 


56 


TABLE  No.  15  — continued. 


Year  ending  April  1,  1857. 

G.  Cummings, 

20.00 

George  & Foster, 

75.00 

W.  F.  Holton, 

10.00 

George  & Foster, 

233.50 

D.  S.  Palmer, 

25.00 

George  & Foster, 

113,50 

A.  Colby, 

20.00 

J.  H.  George, 

44.00 

G.  G.  Fogg, 

75.00 

J.  H.  George, 

100.00 

W.  E.  Chandler, 

50.00 

W.  L.  Foster, 

100.00 

Geo.  H.  Dodge, 

60.75 

H.  E.  Perkins, 

50.00 

David  Davis, 

50.00 

John  Gibson, 

28.80 

S.  Dana, 

26.00 

Stevens  & West, 

25.00 

J.  C.  Abbott, 

25.00 

Wm.  Butterfield, 

71.00 

3,014.22 

Warren  Lovell, 

195.00 

Since  April  1,  1857. 

J.  G.  Gilchrist  & > 

110.00 

George  & Foster, 
George  & Foster, 

420.92 

als.,  referees,  £ 
Rolfe  & Marshall, 

150.00 

100.00 

John  Mooney, 

60.00 

J.  L.  Hadley, 

12.00 

S.  W.  Dearborn, 

100.00 

A.  A.  Parker, 

27.75 

S.  W.  Dearborn, 

75.00 

A.  C.  Pierce, 

40.00 

N.  G.  Upham, 

75.00 

G.  A.  Pillsbury, 

100.00 

Butler  & Webster,  ? 

1113.50 

H.  D.  Robertson, 

39.50 

(Jewett  case,)  \ 

Harry  Hibbard, 

300.00 

S.  H.  Phillips,  do., 

113.00 

G.  S.  Barton, 

38.00 

P.  B.  Dodge,  do., 

30.00 

Josiah  Quincy, 

113.40 

A.  W.  Sawyer,  do., 

9.30 

Charles  Lane, 

136.75 

N.  G.  Upham,  do., 

28.86 

W.  E.  Chandler, 

50.00 

A.  A.  Durgin,  do., 

47.50 

W.  P.  Wheeler, 

46.87 

L.  B.  Norris,  do.. 

33.25 

G.  G.  Fogg, 

75.00 

W.  H.  Clarence,  do. 

, 45.22 

W.  H.  Rixford, 

S.  Dana, 

S.  W.  Dearborn  & j 
als.,  com’rs,  J 

150.00 

50.00 

! 227.40 

2,301.55 

SUSPENSE  ACCOUNT. 


57 


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58 


TABLE  No.  17. 


LETTER  OF  JUDGE  UPHAM,  RELATING  TO  POST  AND 
RAIL  ACCOUNT,  AND  CONTOOCOOK  VALLEY  BONDS. 

Concord,  Sept.  26th,  1857. 

Dear  Sir : You  wished  me  a few  days  since  to  give  you  some 
minutes  in  writing  as  to  the  account  below.  It  originated  as  follows  : 
Some  ten  years  since,  in  the  summer  of  1847,  the  Concord  Rail- 
road was  constructing  its  second  track  from  Manchester  to  Concord, 
under  the  direction  of  John  Weston,  Engineer  of  the  Road,  assisted 
by  Edson  Warriner,  Road  Master. 

In  August,  of  that  year,  two  gravel  trains  came  in  collision  in  a 
dense  fog,  early  in  the  morning,  on  a curve  near  Amoskeag  bridge, 
causing  the  death  of  a number  of  Irishmen,  and  seriously  maiming 
and  wounding  many  others.  They  were  immediately  taken  to  Man- 
chester, and  every  means  taken  to  provide  for  them  and  their  fami- 
lies, and  to  avoid  claims  against  the  Road  so  far  as  might  be. 

The  expenses  incurred  on  this  account  were  charged  at  the  time 
by  Mr.  Weston  against  moneys  he  was  receiving  for  posts  and  rails, 
for  which  a board  fence  was  being  substituted.  The  expenses  accru- 
ing on  account  of  injuries  received  were  not  fully  met  under  two 
years  or  more,  and  the  account  remained  open. 

The  expense  of  some  surveys  made  by  Mr.  Weston  for  a branch 
route  to  Candia,  which  the  Concord  Road  presented  as  a substitute 
for  the  Ilooksett  branch,  and  which  was  laid  out  by  the  Railroad 
Commissioners,  instead  of  said  Hooksett  branch,  was  included  also 
in  said  account,  and  some  other  bills,  until  the  account  was  finally 
closed.  The  receipts  from  posts  and  rails  were  included  in  it  to  No- 
vember 1st,  1850. 

Mr.  Sargent  has  been  instructed  to  furnish  the  account  and  vouch- 
ers. — 

At  the  time  of  the  failure  of  the  Contoocook  Valley  Road,  the 
Concord  Road  had  an  unsettled  account  against  the  Valley  Road  for 
the  use  of  cars  and  other  services  rendered,  which  was  in  controversy 
between  the  roads,  and  against  which  the  Valley  Road  claimed  a set- 


59 


off  in  full.  The  account  was,  however,  finally  discharged  by  some 
Contoocook  Valley  Bonds. 

The  Concord  Boad  had  also  a prior  note  against  the  Valley  Road 
of  8540,  which  had  been  returned  to  the  Treasurer  of  the  Concord 
Road  as  cash,  and  which  was  found  to  be  wholly  uncollectable,  and 
stood  on  his  account  as  worthless.  These  bonds  were  finally  disposed 
of  to  Mr.  Gilmore  for  his  note,  which  was  subsequently  collected 
and  paid  in  to  the  Treasurer,  as  a substitute  for  the  Valley  note,  thus 
leaving  the  Treasurer's  account  good  for  cash. 

Very  truly  yours,  N.  G.  Upham. 

Hon.  Asa  Fowler. 


60 


Dr. 

1849. 
Dec.  27. 

1850. 
Mar.  9. 
May  8. 

June  11. 

Oct.  30. 


TABLE  No.  18. 


POST  AND  EAIL  ACCOUNT.  Cr. 


To  vouchers  of  John 

Weston, 795.69 

To  cash  and  vouchers, 
including  Gilman’s 
note, 855.69 

To  cash  of  R.  Wilson,  8.64 
T o cash  of  F.  M . Stim* 

son, 118.36 

To  cash  of  E.  Warri- 

ner, 20.00 

TocashofJ.F.  Moore,  18.00 


1849.  By  vouchers,  per  file, . . 795.69 
Dec.  27.  “ do.,  do.,  branch  sur- 
vey,  301.14 

1848. 


Jan.  6. 

a 

J.  Thompson’s  bill, 

11.50 

March. 

u 

J.W.  Sargent’s  do., 

69.00 

April  3. 

u 

Porter  and  Rolfe’s 
do., 

5.50 

Aug.  17. 

H 

N.  Evans’  do., 

11.75 

t<  <( 

u 

M.  B.  Hines’  do., 

1.12 

Sep.  21. 

“ 

E.  Gale’s  receipt,. . 
R.  Leonard’s  bill, 

50.00 

Nov.  3 

u 

6.00 

“ 10. 

u 

A.  M.  Mahon’s  do., 

2.00 

“ 15. 

it 

R.  Hoyle’s  do.,... 

5.00 

1849. 

Jan.  20. 

u 

N.  G.  Upham’s  do., 

190.00 

Mar.  7. 

<t 

S. F.  Leaveritt’s  do., 

8.00 

Apr.  21. 

u 

J.  Gallerway’s  do., 

2.00 

July  4. 

u 

A.  C.  Pierce's  do., 

1.75 

Sept.  4. 

u 

T.  B.  Sargent’s  do., 
Cheney  & Co.’s  do., 

.37 

“ 12. 

u 

.50 

Oct.  15. 

u 

A.  W.  Sanborn’s  do., 

2.00 

1850. 

Feb.  4. 

u 

W.  Harr’gton’s  do., 

P.  Lear’s  do., 

Ellen  Harrington’s 
do., 

15.00 

Mar.  1. 

it 

3.00 

Sept. 

i€ 

5.00 

1851. 

Jan.  4.  “ W.  Harr’gton’s  do.,  15.00 
July.  “ Mary  Loud’s  do.,..  35.00 
Sept.  12.  “ Enos  Blake’s  do,...  17.50 

Oct.  “ R.  Taylor’s  do., . ..  18.00 

“ 16.  “ A.  Rich’rdson’s  do.,  4.00 


1852. 

Jan.  12.  “ T.  Haynes’ do.,. . . 2.00 

Feb.  6.  “ Ellen  Harrington’s 

do., 10.00 

Mar.  23.  “ T.  Haynes’  do.,. . . 8.00 

Aug.  16.  “ T.  C.  Gilman’s  do.,  182.73 
“ “ N.  Greenwood’s  do.,  12.82 

Dec.  9.  “ J.  Davis’  do., 25.00 


$1,816.38 


$1,816.37 


61 


TABLE  No.  19. 


CONTOOCOOK  VALLEY  BOND  SETTLEMENT. 

Contoocook  Valley  Railroad  to  Concord  Railroad , Dr. 

1851,  April  12.  For  bills  rendered  to  date,  $1,858.90 
Deduct,  per  agreement,  175.00 

1,178.90 

For  note  due  Concord  R.  R.  for  dump 

cars,  given  up,  520.00 

1,698.90 

Int.  from  April  12,  1851,  to  Jan.  1, 


1852,  on  above, 

78.05 

1,771.95 

1852,  Mar.  81. 

For  bill  rendered  this  date, 

74.85 

1,846.80 

1852,  May  17. 

To  cash  to  balance, 

153.70 

0 

$2,000.00 

Contra  Cr . 

1852,  May  17.  By  four  Bonds,  of  $500.00  each,  be- 
ing numbered  as  follows  : 242, 248, 

244, 245,  $2,000.00 

Settled  as  above : 

N.  Gr.  UPHAM,  Superintendent , 

By  J.  W.  Sargent. 

Concord,  N.  H.,  May  17,  1852. 


SHOWING  THE  AMOUNT  AND  SOURCES  OF  INCOME  OF  THE  CONCORD  RAILROAD,  FROM 

1842  TO  1857. 


'62 


Total. 

$70,912.36 

139,080.08 

181.842.00 
228,479.27 
290,228.70 

311.236.00 
318,257.99 
296,908.48 
307,862.72 
337,884.06 
305,805.66 
329,744.76 
352,032.98 

' 335,948.88 

317.050.01 

Interest. 

HOiOOHCOlOOJffOfM 
N (N  05  Oi  00  5]  H W M OO 
CD  00  <M*  tH  c4  00  00*  t©  tJH 
COHOCOCDiOCNHCIOJ 
CO  rf  GST  CO  CO  T-l  ©f 

Rents. 

b—  CD  CD  CD  t—  t—  CO  CM  07)  CO  (Cl  Gi  tH  00 

N (N  (>1  t>  00  CD  O cq  00  ©q  tHGIHD; 

OO  o’  O o'  hV  1>  N D ^ ^ H lO 

CDCCCDD^CDCOtOHt>CM^Cq(MiO 

OOOOOOOOt-NOODiC^^OlOlO 

• •>  rs  r\  r\  «s 

vH  rH  rH  i— 1 rH  tH  tH  H 

4&= 

tO  o 
to  o 

^ © 
TH  O 
tq-i-H^ 

cd"  t-T 

rH 

*J5 

S 

Oi  O t—  CO  00  CO  OO  CD  00  GO  CO 
OODb-COCD^iOON^ 
rH  TtH  CO  d 00  00  t-“  tb  rH  OO  *© 
CD  CD  O d t—  t—  CD  CM  O O tH 
t-H^  rH^  tH^  tH^ 

CD'  tcT rtT rfT  tjT  uo rjl  ■ rtT  ■ rjl  ©o' 

4©= 

Express. 

OHDCDMOlOOCOCOvh 

ooocoocqoqcoTjnooriH 

O t©  CD  t-*  tH  b—  O b«  r-fH  rd 
(M(MCDOOIOIHO(M(MH 
tq^  oq  tq  HjH rq  tq  rH^  r-^ 

c4  ccT t-T  cl  co  <cf  of  of  cl  cl 

4©= 

© tb 
to  to 
to  CD 
CD  O 

o *o 
to"  of 

Cl 

Freight. 

$21,808.80 

65,420.60 

90,099.77 

115,469.17 

141,117.29 

159,602.12 

172.950.64 
158,641.74 
157,277.67 
174,665.16 
181,107.43 
197,206.80 
217,511.97 

207.403.64 
194,650.31 

Passengers. 

$48,034.79 

72,799.22 

90,545.76 

109,971.64 

133,545.60 

138,907.11 

135,337.08 

127,892.32 

138,555.17 

152,538.81 

113,336.37 

123,322.88 

126,871.21 

120,787.02 

114,982.05 

Years. 

cqcor^tocDt-oocsOTHcqcorfuoco 

000000000000000000000000000000 

HHHHHHHHHHHHHHH 

Eighteen  months.  t Average  per  year. 


63 


TABLE  No.  21. 


Tenement  No.  1,  R.  R.  Square,  Concord,  occupied  by  J.  J.  Flanders, 


STATEMENT  OF  KENTS  RECEIVED  BY  C.,  M.  & L.  RAILROAD 
FOR  YEAR  1857. 

$66.00 

66.00 

66.00 

66.00 

78.00 

66.00 

60.00 

72.00 

60.00 

60.00 

72.00 


S.  C.  Colby, 
J.  Steele, 

C.  B.  Knight, 
J.  Jones, 

H.  Babb, 


Old  Carter  Tavern,  one  half  occupied  by  Timothy  Lynch,  . 

“ “ one  half  occupied  by  Thomas  Fullerton,  . 

House  near  Wood  Sheds,  one  half  occupied  by  J.  Haley, 

“ u one  half  occupied  by  J.  Lynch,  . 

House  near  old  Carter  House,  occupied  by  Mike  Cashin, 

Old  Paint  Shop  on  Main  St,,  upper  story  occupied  by  White  & Brainard,  30.00 

60.00 
. 12.00 


“ “ “ lower  part  same  by  J.  D.  Cooper, 

Land  near  old  Paint  Shop,  occupied  by  Wm.  Smith, 

Land  at  Martin’s,  occupied  by  J.  Garland, 10.00 

60.00 
60.00 


House  at  Nashua  opposite  Depot,  one  half  occupied  by  C.  F.  Cain,  . 

“ “ “ one  half  occupied  by  Ezra  Davis, 

Restaurant  at  Nashua,  occupied  by  Wm.  Wilson, 200.00 

“ Manchester,  occupied  by  J.  P.  Eaton  & Co.,  ....  200.00 

“ Concord,  occupied  by  J.  B Marsten, 150.00 

Land  at  Nashua,  occupied  by  Charles  M’Kean, 25.00 

Land,  about  four  acres,  near  Gas  Works,  Concord,  occupied  by  B.  Biddle  . 

“ 4 acres  interval  near  Machine  Shop,  occupied  by  B.  Biddle ; . .1 

About  one  acre  land  below  Wood  Shed,  occupied  by  B.  Biddle ; . . | ' 

About  % acre  land  near  Sullivan  House,  interval,  occupied  by  B.  Biddle  j J 
Dwelling-house  and  land  at  Bow,  occupied  by  Samuel  Hadley,  known  as 

the  Bod  well  place, 60.00 

Tenement  in  Station  House  at  Robinson’s  Ferry,  oc’d  by  Sta.  Agt.,  no  rent,  00.00 
“ “ “ Martin’s  Ferry,  oc’d  by  Sta.  Agt.,  no  rent,  00.00 

<l  “ “ Amoskeag,  occupied  by  Sta.  Agt.,  no  rent,  00.00 

“ “ Goff’s  Falls,  occupied  by  Sta.  Agt.,  no  rent,  00.00 

House  and  land  at  Thornton’s  Ferry,  occupied  by  Sta.  Agt.,  no  rent,  00.00 
Land  in  Concord,  occupied  by  H.  W.  Ranlet  & Co.,  south  lower  freight 
depot,  for  a Coal-Yard  and  Shed, 150.00 


$1769.00 

Nashua  & Worcester  Railroad  to  pay  for  use  of  Engine-House,  Turn- 
Table,  &c.,  at  Nashua,  8 per  cent,  on  $2333.33,  which  is  one  third  of 

the  estimated  cost, 186.67 

Pay  for  use  of  Passenger  and  Freight-House  at  Nashua,  8 per  cent,  on  one 
fourth  of  the  estimated  cost,  which  is  one  thousand  dollars,  . . . 80.00 


$2035.67 


64 


TABLE  No.  2 2. 


EXPRESSES. 

We  have  no  written  contract  with  any  Express  Company.  Che- 
ney, Hill  & Co.  had  a written  contract  for  an  Express  between  Man- 
chester and  Boston,  via  Lawrence,  which  expired  February  1,  1857, 
(and  has  not  been  renewed,)  for  which  they  paid  $250  per  month,  or 
$3000  per  year,  and  the  Boston  and  Maine  claim  1 part  of  that. 
Our  contract  with  them  was  that  they  should  have  a given  space  in 
our  baggage  car  for  their  entire  use,  of  about  5^  feet  across  the  end 
of  the  car.  They  have  settled  with  us  since  the  expiration  of  the 
contract,  the  same  as  under  the  contract,  and  the  amount  paid  by 
them  for  the  eight  months  ending  July  31  is  $2000. 

Cheney  & Co.,  for  an  Express  from  Concord  and  the  roads  north, 
including  the  Contoocook  Valley,  Concord  & Claremont,  Northern, 
Vermont  Central,  Ogdensburg,  Vt.  & Canada  and  Passumpsic,  most  of 
the  time,  have  paid  us  $971.55  for  eight  months  ending  July  31, 
1857.  We  have  no  written  contract  with  them.  The  account  is 
made  up  in  Boston,  and  a check  sent  for  what  they  make  the  amount, 
for  which  I give  them  a receipt  and  enter  the  amount  received  for 
account  of  Expresses.  We  have  also  received  from  Cheney  & Co., 
through  the  line  of  the  Boston  & Maine  Railroad,  during  the  last 
eight  months,  $7 22  for  business  from  the  Boston,  Concord  and  Mon- 
treal, White  Mountains  and  the  Passumpsic,  a part  of  the  time.  The 
whole  amount  received  for  Expresses,  eight  months  ending  July  31, 
1857,  is  $3693.55.  The  matter  of  Expresses  has  been  brought  up 
in  the  Manchester  & Lawrence  and  Concord  Boards  of  Directors, 
and  Committees  appointed  to  take  the  matter  into  consideration,  re- 
view the  whole  Express  arrangement,  as  they  shall  consider  most  for 
the  true  interest  of  both  Companies.  Up  to  this  time,  Sept.  1st, 
1857,  nothing  has  been  effected,  and  settlements  are  made  monthly, 
as  heretofore.  J.  A.  GILMORE,  Sup’t, 

By  C.  E.  Twombly. 


65 


TABLE  No.  23. 


Concord,  N.  H.,  October  26th,  1857. 
Hon.  Asa  Fowler, — My  dear  Sir  : 

In  answer  to  your  several  inquiries  in  regard  to  Mails,  our  old 
contract  was,  over  the  Manchester  & Lawrence  Boad  fifty  dollars  per 
mile,  less  one  seventh  for  Sundays.  Over  the  Concord  Boad  one  hun- 
dred and  fifty  dollars  per  mile,  less  one  seventh,  for  Sundays,  and  the 
Boad  supply  the  side  offices,  which  cost  us  $560  per  year.  Our  present 
contracts  are,  one  hundred  dollars  per  mile  over  the  Manchester  & 
Lawrence  Boad,  nothing  off,  and  one  hundred  and  fifty  dollars  per 
mile  over  the  Concord  Boad,  nothing  off,  and  the  Government  pay  us 
extra  for  side  supply,  or  do  it  themselves.  Under  the  old  contracts 
we  received  net,  $5,340  for  both  roads.  We  now  receive  $8,050  per 
year  — a difference  of  $2,710  per  year. 

Yours  very  respectfully^ 

J.  A.  GILMOBE,  Supt. 

5 


66 


TABLE  No.  2 4. 


SHOWING  THE  NUMBER  OF  PASSENGERS  AND 
THE  TONS  OF  FREIGHT,  LOCAL  AND  IN  CON- 
NECTION WITH  UPPER  ROADS,  TRANSPORTED 
OYER  THE  CONCORD  RAILROAD  FROM  1842  TO 
185T. 


Years. 

No.  passen- 
gers. 

Local  ton- 
nage. 

Upper  road 
tonnage. 

Total  ton- 
nage. 

Lo.  ton . 
pertr’n 

*1848 

89,822 

f 11,774 

11,774 

424 

Tear  ending  April  30. 

1844 

78,355 

42,679 

42,679 

684 

1845 

100,843 

67,544 

67,544 

109 

1846 

151,530 

89,388 

89,388 

1444 

1847 

203,505 

103,371 

103,371 

166| 

1848 

237,827 

101,191 

33,292 

134,483 

1624 

1849 

286,416 

85,505 

78,923 

164,428 

137 

1850 

287,470 

71,205 

93,249 

164,454 

114 

1851 

266,544 

50,817 

104,487 

155,305 

814 

1852 

221,076 

46,439 

122,371 

168,810 

814 

1858 

234^994 

58,413 

191,546 

249,960 

; 96 

1854 

248,787 

74,727 

234,269 

308,997 

123 

1855 

240,684 

81,909 

260,960 

342,870 

133 

1856 

216,266 

65,955 

216,649 

282,604 

106| 

1857 

205,872 

*46,955 

*168,324 

*215,280 

113| 

* 8 months,  f 5)4  months. 


67 


TABLE  No.  25. 


SHOWING  THE  PRICES  PAID  BY  UPPER  ROADS  TO  CONCORD, 
MANCHESTER  & LAWRENCE  RAILROAD  ON  PASSENGERS 
AND  FREIGHT  THE  31ST  OF  JULY,  1857. 


Passengers. 

1st  c 1 a 8 s 
freight. 

2d  class 
freight. 

3d  class 
freight. 

Loading  & 
unloading. 

*Vt.  Central  R.  R.,  ) 

Pro  rata  which  aver- 

20 

Vt.  & Canada  R.  R.,  > 

Nashua, 

52 

aged  55  cts.  per  ton 

20 

Ogdensburg  R.  R.,  ) 

on  downw.  over  Con- 

20 

U u 

Lawrence, 

73 

c’d  R.  R.  in  July,  ’57. 

20 

Passumpsic  R.  R., 

Nashua, 

60 

$1.00 

$ .80 

$ .80 

22  h 

« << 

Lawrence, 

81 

1.57 

1.21 

1.12 

22£ 

Northern  R.  R., 

Nashua, 

60 

1.12 

.86 

.80 

20 

(<  «< 

Lawrence, 

83 

1.57 

1.21 

1.12 

20 

Concord  & Claremont  R.  R., 

Nashua, 

52 

1.00 

.80 

.80 

20 

<(  » 

Lawrence, 

77 

1.49 

1.17 

1.11 

20 

Contoocook  Valley  R.  R., 

Nashua, 

52 

1.00 

.80 

.80 

20 

U M 

Lawrence, 

73 

1.49 

1.11 

1.11 

20 

Bos.,  Con.  & Montreal  R.  R. 

Nashua, 

60 

1.12 

f-.86 

.80 

20 

<(  M 

Lawrence, 

83 

1.57 

1.21 

1.12 

20 

N.  H.  Central  R.  R.,t 

j Nashua, 

27 

.50 

.40 

.40 

20 

a u 

1 Lawrence, 

52 

.99 

.77 

.71 

20 

J.  A.  GILMORE,  Superintendent , 

By  C.  E.  Twombly. 


* The  Ogdensbnrg  freight,  a large  portion  of  it,  does  not  pay  the  Concord  Railroad  twen- 
ty-five cents  a ton  between  Concord  and  Nashua  for  haulage,  and  the  distance  is  thirty- five 
miles.  On  freight  via  Lawrence  it  pays  still  less  in  proportion. 

f The  N.  H.  Central  Railroad  have  never  paid  for  loading  and  unloading,  or  depot  accom- 
modations at  Manchester. 


68 


TABLE  No.  26. 


SHOWING  THE  TARIFFS  OF  PASSENGERS  AND  FREIGHT  ON 
CONCORD  RAILROAD,  FROM  ITS  OPENING  TO  DEC.  1,  1857. 

PASSENGERS. 


From  Sept.  1,  1842,  to  Nov.  1,  1844,  the  fare  of  passengers 

between  Concord  and  Boston  was $2.50 

From  Nov.  1,  1844,  to  Nov.  1,  1845,  it  was  ....  2.00 
From  Nov.  1, 1845,  to  June  1, 1848,  it  was  .....  1.75 
From  June  1, 1848,  to  Sept.  1, 1851,  it  was  ....  1.50 
From  Sept.  1, 1851,  to  Sept.  1, 1854,  it  was  ....  1.75 
From  Sept.  1,  1854,  to  Sept.  1,  1857,  it  was  ....  2.00 
Since  Sept.  1, 1857,  it  has  been 2.25 


FREIGHT. 


From  Sept.  1,  1842,  to  May  1, 
1844,  the  price  of  freight  be-  1 
tween  Concord  and  Manches- 
ter and  Boston,  was, 

From  May  1, 1844,  to  Septem-  \ 
ber  1,  1851,  ( 

From  September  1,  1851,  to  ( 
May  1,  1857,  ( 

Since  May  1,  1857,  j 


First  Class, 

Concord. 

$4.00 

Manchester. 

$3.00 

Second  Class, 

3.00 

2.50 

First  Class, 

3.00 

2.50 

Second  Class, 

2.50 

2.00 

First  Class, 

3.60 

3.00 

Second  Class, 

3.00 

2.40 

First  Class, 
Second  Class, 

3.80 

3.00 

3.20 

2.50 

i 


69 


TABLE  No.  27. 


SHOWING  THE  STANDING  OF  THE  CONCORD  RAIL- 
ROAD SEPTEMBER  30,  1857,  AS  PER  TREASURER’S 
BOOKS. 

CONCORD  RAILROAD— BALANCES,  Nov.  10,  1857. 

Construction,  including  loan  to  Portsmouth  and  Concord  Railroad, 

$1,500,000.00 


Cash, 15,252.94 

Telegraph  Stock, 2,350.00 

N.  G.  lipham,  Sup’t,  including  freight  hills  uncollected, 

and  balances  due  from  other  Roads,  7,375.48 

Notes  receivable,  . 215.00 

Concord,  Manchester  and  Lawrence  Railroad,  - - 72,996.74 


$1,598,190.16 

Capital  Stock,  ...  $1,500,000.00 

Deterioration  and  Contingent,  42,057.50 

Notes  payab  e,  - 5,000.00 

Outstanding  Accounts — amount  in  reserve 

to  meet  outstanding  bills,  1,449.90 

Unpaid  Dividends  — dividends  uncalled 

for,  1,370.00 

Earnings — proportion  of  net  earnings  for  six 
months,  to  Oct.  1,  1857,  in  connection 
with  Manchester  & Lawrence  Road, 
after  setting  aside  $11,547.06  as  a 
Contingent  Fund,  48,312.76  $1,598,190.16 

E.  E.  N.  P.  LOVERING,  Treasurer. 

From  the  above  it  will  be  seen  that  there  was  due  the  Concord 
Road,  September  30,  1857,  from  the  Associated  Roads,  for  wood  and 
stock  on  hand,  &c.,  under  the  lease,  $72,996.74  ; from  notes  receiva 
ble,  fully  secured  by  mortgage  upon  real  estate  in  Concord,  $215 ) in 


TO 


the  hands  of  N.  G.  Upliam,  late  Superintendent,  due  from  Nashua 
& Lowell  and  Boston  & Lowell  Hoads,  $7,375.48 — amounting  in  all 
to  $80,587.22.  There  was  on  hand  in  the  Treasury  $15,252.94  in 
cash,  and  $2,350  stock  in  the  Vermont  and  Massachusetts  Tele- 
graph Company,  worth  in  cash  at  least  25  per  cent,  of  its  par  value, 
or  $587.50.  Adding  these  latter  items  of  cash  and  telegraph  stock 
to  the  $80,587.22  above,  and  the  aggregate  assets  of  the  Road,  Sep- 
tember 30,  1857,  in  cash  on  hand  and  other  funds  believed  to  be 
good,  was  $96,427.66. 

The  Concord  Road  was  indebted,  Sept.  30,  1857,  on  notes  paya- 
ble, in  the  sum  of  $5,000,  and  for  outstanding  unpaid  dividends  in 
the  sum  of  $1,370,  making  the  whole  amount  of  indebtedness  the 
sum  of  $6,370.  To  this  amount  add  the  sum  since  borrowed  to 
pay  the  present  dividend,  Nov.  16,  1857,  $30,000,  and  we  have  an 
aggregate  of  indebtedness  at  the  date  of  this  Report,  amounting  to 
$36,370.  Deducting  this  aggregate  of  indebtedness  from  the  ag- 
gregate amount  of  assets,  as  stated  above,  it  will  be  seen  that  the 
Concord  Road  had  on  hand,  at  the  date  of  this  Report,  to  say  nothing 
of  the  earnings  since  Sept.  30,  1857 — a surplus  of  funds,  believed 
to  be  undoubtedly  good,  over  and  above  all  indebtedness,  amounting 
to  the  sum  of  $60,057.66. 


TABLE  No.  28. 


SHOWING  THE  EARNINGS  AND  EXPENSES  OF  THE  CONCORD, 
MANCHESTER  AND  LAWRENCE  RAILROAD  EOR  TEN 
MONTHS  ENDING  SEPTEMBER  30,  1857. 

EARNINGS. 

Passenger  account, $142,214.65 


Freight  account, 244,294.65 

Express  account, 4,805.10 

Mails  account, 5,659.48 

Rents  account, 1,227.70 


Amount  of  earnings  in  ten  months,  ....  $398,221.58 


71 


Amount  of  earnings  brought  forward,  ....  $398,201.58 


EXPENSES. 


Engine  repairs, 

Hand  Car  repairs, 

Freight  Car  repairs, 

Snow  Plow  repairs, 

Passenger  Car  repairs, 

Patterns, 

Shop  Tools, 

General  running  expenses,  . . . . 

Stationary  Engine  repairs,  .... 

Wood  account, 

Depot  repairs, 

Advertising, 

Damages, 

Oil  account, 

Waste  account, 

Freight  expense, 

Passenger  expense, 

Incidental  expenses, 

Bridge  repairs, 

’ Road  repairs, 

Water  Fixtures, 

Removing  Snow  and  Ice, 

Fence  repairs, 

Insurance  and  Taxes, 

Depot  Furniture, 


20,356.39 
. 356.66 
8,940.71 
258.00 
5,432.33 
175.33 
1,297.26 
8,950.52 
. 275.64 
45,641.46 
5,512.66 
877.79 

9.135.78 

8.918.78 
1,014.12 

23,709.28 

20,077.71 

2.683.44 

2.874.45 
64,734.90 
. 250.10 

1,185.47 
. 106.44 
9,324.68 
. 91.40 


Amount  of  expenditures  in  ten  months,  ....  237,176.25 
Net  income  in  ten  months, $161,025.33 


Proportion  of  expenses  to  receipts,  for  10  months,  59  per  ct. 

Number  of  miles  run  by  trains, 270,840 

Receipts  per  mile  run  of  trains, $1.47 

Expense  per  mile  run  of  trains, 87 A 

Net  income  per  mile  run  of  trains, .59J 


Number  of  passengers  and  ) Pas’ngers,  4,843,559  ) r A1  fini 

tons  carried  one  mile,  ] Freight,  7,698,245  ) 9 


72 


Receipts  per  passenger  or  ton  one  mile,  . 
Expenses  per  passenger  or  ton  one  mile, 
Net  income  per  passenger  or  ton  one  mile, 
Percentage  of  net  income  to  capital,  almost 


. 3.17  cts. 

. 1.88  cts. 
. 1.29  cts. 

. 7J  per  ct. 


TABLE  No.  29. 


Showing  the  Earnings  and  Expenses  of  the  Concord , Manches- 
ter and  Lawrence  Railroad  for  six  months  endinq  September 
30, 1857. 

EARNINGS:  Passengers, $98,574.23 

Freight,  149,606.49 

Express, 3,135.04 

Mails, 3,981.84 

Rents, 812.03 

Amount  of  earnings,  . . . $256,109.63 

EXPENSES:  Engine  Repairs,  11,636.81 

Hand  Car  do.,  228.51 

Freight  Car  do.,  5,792.68 

Passenger  Car  Repairs,  3,669.20 
Shop  Tools,  850.08 

GenT  Running  Expense,  5,596.87 
Wood,  26,798.43 

Depot  Repairs,  3,287.47 

Advertising,  582.30 

Damages,  5,671.98 

Oil,  2,222.59 

Waste,  629.19 

Freight  Expense,  12,305.81 

Passenger,  11,755.06 

Incidental  Expense,  1,943.39 


73 


Bridge  Repairs,  4,149.91 

Road,  44,468.21 

Water  Fixtures,  184.76 

Fence  Repairs,  106.44 

Insurance  and  Taxes,  8,289.50 
Depot  Furniture,  37.87 


Amount  of  Expenditures,  $150,207.06 


Net  income  over  and  above  expenses, 
Less  amount  paid  Boston  and  Maine 
Railroad,  for  use  of  Methuen  Br., 
6 months,  to  date, 

Interest  Account, 


$105,902.57 


3,300.00 

859.70  4,159.70 


Net  income  over  and  above  every  thing,  for  six 
months,  ending  Sept.  30,  1857,  $101,742.87 

Proportion  of  expenses  to  receipts,  for  six  months,  58  per  ct. 
Number  of  miles  run  by  trains,  . . 168,852 

Receipts  per  mile  run,  ....  $1.51§ 

Expenses  per  mile  run,  89 

Net  income  per  mile  run,  . . . . .62  f 

Percentage  of  net  income  to  capital,  for  6 mos.,  over  8 per  ct. 


74 


TABLE  No.  30. 


SHOWING  THE  AMOUNT  OF  MONEY  RETURNED  BY  CON- 
DUCTORS, AS  TAKEN  IN  THE  CARS  FOR  PASSENGERS, 
DURING  THE  YEAR  ENDING  OCTOBER  1,  1857. 

Concord  Road.  Manchester  and 

Lawrence  Road. 

October,  1856, $274.61 

November, 214. 10£ 

December, 148.50  ....  $84.05 

January,  1857, 217.39  ....  78.80 

February, 185.11i  . . . 74.95 

March, 253.27  . . . 104.45 

April, 204.39  ....  74.75 

May,  184.00  ....  70.40 

June, 217.45  ....  66.50 

July, 220.47  ....  78.05 

August,  . . . . i . . . 221.15  ....  .78.30 

September, 213.60  ....  81.20 


Total  Concord  Road,  one  year,  $2,549.05  $791.45 

Total  Manchester  and  Lawrence, 

ten  months, # . 791.45 


Total  on  both  Roads,  . . 


$3,340.50 


TABLE  No.  31. 


Showing  the  aggregate  number  of  Passengers  and  Tons  carried  one 
mile  in  1855  and  1856,  upon  the  Concord  Road  and  the  eight 
principal  Roads  in  Massachusetts , with  the  Gross  Receipts,  the  Ex- 
penses, and  Net  Profits,  per  Passenger'  or  Ton,  carried  one  mile  in 
each  of  those  years  on  each  of  said  Roads. 


Roads. 

Passengers  and 
tons  carried  one 
mile  in  lfe55. 

Receipts  per  pas- 
senger or  ton. 

Exp’nses  per  pas- 
senger or  ton. 

Net  profits  do. 

Passengers  and 
tons  carried  one 
mile  in  1856. 

Receipts  per  pas- 
senger or  ton. 

Exp’nses  per  pas- 
senger or  ton. 

Net  profits  do. 

CTS. 

CTS. 

CTS. 

CTS. 

CTS. 

CTS. 

Concord, 

12,233,053 

2.74 

1.83 

0.91 

11,562,351 

2.74 

1.79 

0.95 

Western, 

64,554,172 

2.90 

1.91 

0.99 

68,325,040 

; 3.09 

1.79 

1.30 

Boston  and  Maine,. . . . 

35,080,136 

2.43 

1.49 

0.94 

35,483,703 

2.56 

1.44 

1.12 

Boston  and  Worcester,. 

37,803,785 

2.66 

1.59 

1.07 

37,606,957 

2.94 

1.78 

1.16 

Boston  and  Providence, 

17,413,767 

3.20 

2.08 

1.12 

21,043,004 

3.00 

1.60 

1.40 

Fitchburg, 

24,889,065 

2.74 

1.87 

0.87 

22,464,592 

2.97 

1.86 

1.11 

Old  Colony 

21,918,066 

2.97 

1.72 

1.25 

22,045,802 

3.10 

1.71 

1.39 

Boston  and  Lowell,. . . . 

15,286,058 

3.20 

2.39 

0.81 

15,955,845 

3.07 

2.29 

0.78 

Eastern 

18,535,681 

3.49 

1.84 

1.65 

25,712,018 

2.79 

1.53 

1.16 

Upon  the  Concord,  Manchester  & Lawrence  Associated  Loads,  for  the 
ten  months  ending  Sept.  30,  1857,  the  number  of  passengers  carried 
one  mile  was  4,843,559  ; the  number  of  tons  freight  carried  one  mile 
were — local,  1,796,696  ; in  connection  with  upper  Loads,  5,901,549 ; 
total  tons  freight,  7,698,245  ; making  a total  of  passengers  and  tons 
carried  one  mile,  12,541,804.  The  gross  receipts  per  passenger 
or  ton  carried  one  mile  were  3.17  cents;  expenses  1.88  cents,  and 
the  net  profits  1.29  cents  per  passenger  or  ton  carried  one  mile. 

The  aggregate  net  earnings  in  1855,  upon  12,233,053  passengers 
and  tons  carried  one  mile  over  the  Concord  Load  were  $111,447, 
and  in  1856,  upon  11,562.351  passengers  and  tons,  $101,180.17  ; 
while  the  aggregate  net  earnings  in  1857,  upon  12,541,S04  passen- 
gers and  tons  carried  one  mile  over  the  Associated  Loads,  were 
$161,025.33 — a difference  of  nearly  $50,000  in  favor  of  the  Associ- 
ated Loads,  over  nearly  the  same  amount  of  business  on  the  Concord 
Load  in  1855  and  1856. 


Errata. — In  part  of  the  edition,  on  page  43,  continuation  of  Table  No.  3, 
transpose  the  first  two  lines  of  Statistical  Specifications,  so  as  to  read  “ Cost 
of  Hoad”  first;  “Receipts  from  Passengers,”  second. 

In  Table  No.  14,  page  54,  the  aggregate  number  of  men  on  both  roads  in 
July,  1856,  is  incorrectly  stated  at  “ 265,”  when  it  should  be  “ 346.” 

By  accident,  in  the  list  of  law  expenses,  on  page  56,  the  items  “G.  G.  Fogg, 
$75,”  and  “ W.  E.  Chandler,  $50,”  are  inserted  twice — should  occur  but  once. 


